The committee of creditors of Reliance Capital has granted time till October 30 for submitting binding bids. The prospective bidders had sought an extension to the September 29 deadline to submit binding bids.
All 14 of the initial bidders are still in the running, but some have sought additional time to complete the due diligence before they submit the final bid, sources told businessline. But the four-week extension has disappointed the bidders as most of them had sought extensions ranging from 2 to 4 months. The deadline for the submission of the initial bids has already been extended five times. The deadline for submitting the final resolution plan for Reliance Capital, with the National Company Law Tribunal, is November 1. This will have to be extended.
Under the 14 prospective bids, Reliance Capital has received six offers in the range of ₹4,000-4,500 crore from Torrent Capital, IndusInd Group, Oaktree Capital, Cosmea Financial, Authum Investment and B Right Group for the entire assets.
Piramal Finance and Zurich Re submitted bids of ₹4,000 crore and ₹3,500 crore, respectively, for Reliance General Insurance, whereas Advent International submitted a bid of around ₹7,000 crore, according to industry participants. They added that the binding bids, however, could be different based on the due diligence and internal audits of the bidders.
Further, the company also received prospective bids from Jindal Steel and Power and UV Asset Reconstruction Company for its asset reconstruction business and from Choice Equity, Global Fincap and Geand Bhawan for Reliance Securities and other assets.