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As many as 54 companies including Adani Finserv, ICICI Lombard, Tata AIG, Bandhan Financial Holdings and OakTree Capital have submitted expressions of interest for debt-ridden Reliance Capital or some of its subsidiaries, as part of the resolution process.
“Around 24 companies have bid for the entire company, that is Reliance Capital, while the rest have bid only for one or two clusters,” said a source close to the development.
The last day to submit EoIs was March 25. Previously, the deadline had been fixed as March 11 but it was extended by two weeks as some prospective bidders had sought more time to submit EoIs.
Other bidders include HDFC Ergo, Blackstone, Capri Global Holding and Edelweiss Alternative.
Two options
Bidders had two options – either to bid for the entire Reliance Capital or alternatively for any one or more of the eight clusters or subsidiaries of Reliance Capital.
However, the Administrator and the creditors may give greater weightage to the first option of selling all assets together.
The clusters include the business of RCL, including investment in Reliance General Insurance and Reliance Health Insurance; business of RCL inclusive of investment in Reliance Nippon Life Insurance; business of RCL comprising investment in Reliance Asset Reconstruction Company; business of RCL comprising investment in Reliance Securities, Reliance Financial, Reliance Wealth Management and Reliance Commodities.
Other clusters include business of RCL comprising Reliance Home Finance, as well as the business of RCL comprising Reliance Commercial Finance.
The Reserve Bank of India had in November last year initiated insolvency proceedings against Anil Ambani-owned Reliance Capital. It had on November 29, 2021 superseded the board of the company and appointed Nageswar Rao Y, former Executive Director, Bank of Maharashtra, as the Administrator of the company.
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