Four firms -- IndusInd Bank, US-based asset management firm Oaktree Capital, Torrent Group, and B-Right Group -- have submitted bids for the acquisition of debt-ridden Reliance Capital Ltd (RCL), quoting sources, the PTI reported.
According to the report, the sources said that these bids are in the range of Rs 4,000 crore for the company, which has eight different business verticals. The last date for submission of the bids ended on August 29. The deadline has been extended five times.
Initially, 54 firms had expressed interest in Reliance Capital but only four have submitted the bids under the insolvency resolution process.
Two options were available for the bidders. Under the first option, bidders were required to submit bids for the entire Reliance Capital and in the second one, they had the choice to bid for specific verticals of the company.
These verticals include general insurance, asset reconstruction and securities businesses.
Piramal Group, Zurich Re and the US-based private equity fund Advent have placed bids for Reliance General Insurance business, the sources said. They also added that no bids were received for Reliance Nippon Life Insurance business.
Jindal Steel and Power and UV Asset Reconstruction Company have submitted bids for Reliance Capital's asset reconstruction business.
Choice Equity and Global Fincap are among the bidders for other assets of Reliance Capital.
In a regulatory filing, Reliance Capital said the 17th meeting of the company's Committee of Creditors (CoC) was held on Tuesday.
The report mentioned that the administrator of the company appraised the CoC about the update on the status of claims, status of Corporate Insolvency Resolution Process (CIRP) process, going concern operations of the company and the way forward in terms of the activities or milestones as stipulated under the Insolvency and Bankruptcy Code (IBC).
Under the resolution process, a total of 14 resolution plans/ bids have been received by Reliance Capital's administrator, the filing said.
The Reserve Bank of India (RBI) in November last year superseded the Reliance Capital board in view of payment defaults and serious governance issues. The company was referred for the CIRP. This is the third large Non-Banking Financial Company (NBFC) against which the central bank has initiated bankruptcy proceedings. The other two were Srei Group NBFC and Dewan Housing Finance Corporation Ltd.