A Hinduja Group firm emerged as the highest bidder with an offer of Rs 9,650 cr to take over debt-ridden Reliance Capital in the second round of auction. The bid by IndusInd International Holdings Ltd (IIHL) is higher than Rs 8,640 cr offer made by Torrent Investments in the first round of auction held in December last year.
Additionally, Reliance Capital has a cash balance of approximately Rs 350-400 cr, which will also be distributed among the lenders.
Lenders could recover more than ₹10,000 cr, or about 40% of verified claims, under the proposal from IndusInd International Holdings Ltd (IIHL).
As much as 99.6% of the lenders favoured the plan as the voting ended.
Above Proposal is need to get Approval From NCLT/RBI/SC.
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).
Reliance Capital has a consolidated debt of about Rs 40,000 cr.
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