Anil Ambani’s Reliance capital stock hits the upper circuit on Monday’s early trade after reports stated that Adani Finserve, KKR, Piramal Finance, and Poonawala Finance are among the 14 bidders that have shown interest to acquire the company.
On BSE, RCap stock extended its upper circuit level, the stock was trading at the fresh upper circuit of Rs14.37 apiece on the exchange up by 4.97%.
RCap has invited expression of interest (EOI) from companies as part of its insolvency resolution proceeds. The date for submitting bids has been extended till March 25 from earlier March 11, 2022.
Other companies that have submitted bids for Reliance Capital are – ArpWood, Varde Partners, Multiples Fund, Nippon Life, JC Flowers, Brookfield, Oaktree, Apollo Global, Blackstone, and Hero Fincorp among others.
As per the sources, there are two options given to the bidders either to bid for acquiring the entire Reliance Capital or bid for any one or more of the company’s eight subsidiaries. It is being known that the majority of the biddings are for acquiring the entire company.
RBI-appointed Nageswara Rao Y is the administrator of Reliance Capital’s Corporate Insolvency Resolution Process (CIRP).
RCap has a consolidated debt of about Rs40,000 crore. RBI had applied to initiate CIRP against the Reliance Group company at the National Company Law Tribunal (NCLT) Mumbai bench.
