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The CoC (Committee of Creditors) for Reliance Capital has received eight final binding offers as part of the company’s bankruptcy process, sources said.
These include four bids for Reliance Capital overall, by Hinduja Group through IndusInd International Holdings, US private equity firm Oaktree Capital, Ahmedabad-based Torrent Group and Cosmea Financial in partnership with Piramal Group, the sources said. certain type of product.
Other offers
In addition, the UV Asset Reconstruction Company has submitted a bid based on consideration for individual assets as a whole under Option-I. Further, Jindal Power, Authum Investment Infrastructure and Choice Equity Broking have submitted bids under option-II for individual assets of Reliance Capital.
The Piramal Group has submitted a bid in association with Cosmea Financial, but its liability will be limited to only Reliance General Insurance and its health business under Reliance Health Insurance and not any other assets, the sources said.
The CoC has invited bids under two options — one where entities bid for Reliance Capital and its subsidiaries and the other where they bid for individual assets or subsidiaries — by November 28. Insurance, Reliance Money, Reliance Home Finance, Reliance Securities and Reliance Asset Reconstruction.
UV ARC has reportedly submitted an aggregator offer on a fee basis for all assets and has not submitted any resolution plan to Reliance Capital. As an asset reconstruction company, UV ARC is not involved in operational management and explained the structure of their offer to the CoC. The CoC will now study the offer and see how they plan to improve it. This may involve the UV ARC purchasing the property, studying what can be sold or restructured, assessing the valuation and then providing its valuation to the CoC or lenders.
Nippon Life in talks
Now that the final bids are in, Reliance Capital’s CoC will scrutinize the submitted plans, undertake compliance checks, study strengths and what can be reworked, and then hold final negotiations with bidders — all of which could take several weeks, the sources said. .
On the controversial stake sale in Reliance Nippon Life Insurance, where JV partner Nippon Life is reluctant to sell or dilute its stake, sources said the Japan-based insurer is in talks with all four players who have submitted bids under Option-I to explore each partnership and reiterate its commitment to the Indian life insurance segment.
Posted on November 29, 2022
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