Money & Banking

13 investors submit EoIs for Reliance Commercial Finance

Our Bureau. Mumbai | Updated on August 12, 2020 Published on August 12, 2020

Over a dozen investors are understood to have submitted bids for Reliance Commercial Finance, which is undergoing insolvency process. Sources close to the development said that as many as 13 domestic and foreign investors, including JM Financial ARC, Edelweiss ARC, UGRO Capital and UV ARC, are some of the entities that have submitted Expressions of Interest.

“The process seems to be on track, and the resolution should be completed in the next few months,” said a person familiar with the development.

E-mails sent by BusinessLine to JM Financial ARC, Edelweiss ARC, UGRO Capital and UV ARC did not elicit a response.

Lenders to Reliance Commercial Finance, led by Bank of Baroda, had sought bids for resolution and sale of the non-banking finance company, which has now been re-branded as Reliance Money.

The last date for submission of bids was August 11.

Loans offered

RCFL is a 100 per cent subsidiary of Reliance Capital and offers small and medium enterprises loans, loans against property, infrastructure financing, agriculture loans, supply chain financing, micro financing, vehicle loans and construction finance.

Deloitte Touche Tohmatsu is the Process Advisor for the resolution. The book has been categorised into retail and SME, corporate and group, and there are three options for resolution – acquiring RCFL on an as-is-where-is basis, acquiring the company with one or more asset books, or acquiring just one or more asset books.

It has assets under management of ₹11,000 crore. Its total borrowings, including debt securities, stood at ₹9,812.9 crore as on March 31, 2020.

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Published on August 12, 2020
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