{"id":79023,"date":"2022-12-22T12:25:00","date_gmt":"2022-12-22T06:55:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/?p=79023"},"modified":"2022-12-22T12:22:18","modified_gmt":"2022-12-22T06:52:18","slug":"biz-reliancecap-bid-corrected","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-reliancecap-bid-corrected\/","title":{"rendered":"Reliance Capital auction: Torrent Group highest bidder at Rs 8,600 cr"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-4174721104\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Torrent Group on Wednesday emerged as the highest bidder for debt-ridden Reliance Capital in the auction conducted as part of its resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, sources said. Hinduja Group was the second highest bidder, they said, adding Oaktree did not participate in the auction. The Cosmea Piramal consortium had already pulled out of the bidding process.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3902203873\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>The Committee of Creditors (CoC) fixed a floor value of Rs 6,500 crore for the auction.<\/p>\n<p>If lenders accept the bid submitted by Torrent Group, which is into pharmaceuticals and power businesses, it will mark its entry into the financial services space.<\/p>\n<p>As per an order of the National Company Law Tribunal (NCLT), lenders have to complete the resolution process of Reliance Capital by January 31, 2023. \u00a0\u00a0\u00a0\u00a0\u00a0 This is the first time that an e-auction of this scale is taking place for the resolution of an NBFC (non-banking finance company) under the Insolvency and Bankruptcy Code. \u00a0\u00a0\u00a0\u00a0\u00a0 The decision of ascending e-auction has been taken at the behest of LIC and EPFO, which together control 35 per cent of the voting rights in the CoC. \u00a0\u00a0\u00a0\u00a0\u00a0 The Reserve Bank of India (RBI) had on November 29 last year superseded the board of Reliance Capital in view of payment defaults and serious governance issues.<\/p><div class=\"trade-content_5\" id=\"trade-1625807516\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process (CIRP) of the firm. \u00a0\u00a0\u00a0\u00a0\u00a0 Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). \u00a0\u00a0\u00a0\u00a0\u00a0 The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL). \u00a0\u00a0\u00a0\u00a0\u00a0 The RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT). \u00a0\u00a0\u00a0\u00a0\u00a0 In February this year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital. PTI DP ANZ DP ABM ABM ABM<\/p>\n<div class=\"trade-after-content\" id=\"trade-333389699\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Torrent Group on Wednesday emerged as the highest bidder for debt-ridden Reliance Capital in the auction conducted as part of its resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, sources said. Hinduja Group was the second highest bidder, they [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":21236,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[31,1789],"tags":[],"class_list":["post-79023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-trending-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reliance Capital auction: Torrent Group highest bidder at Rs 8,600 cr - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/?p=79023\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reliance Capital auction: Torrent Group highest bidder at Rs 8,600 cr\" \/>\n<meta property=\"og:description\" content=\"Torrent Group on Wednesday emerged as the highest bidder for debt-ridden Reliance Capital in the auction conducted as part of its resolution process. 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