Packing batteries with more punch
Indian researchers are working on cells that can store more energy, last longer
Lenders to Reliance Commercial Finance Ltd (RCFL) and Reliance Home Finance Ltd (RHFL) are proceeding with the resolution plan and have sought bids for the two companies.
“Certain lenders of RCFL, being scheduled commercial banks, all-India term financial institutions, and non-banking financial institutions, led by Bank of Baroda (collectively, the “lenders”) are desirous of seeking resolution plans from eligible bidders having adequate technical and financial capability,” said the notice on Bank of Baroda’s website.
Deloitte Touche Tohmatsu has been appointed by the lenders as Process Advisors for the Resolution Process of RCFL, which has now been re-branded as Reliance Money.
The book has been categorised into retail and SME, corporate and group and there are three options being considered for resolution.
Under the first option, bids would be for acquiring the entire shareholding and business of RCFL as a going concern, on an as-is-where-is and as-is-what is basis. The second option would be to acquire one or two asset books, which would be retained in the company, while the balance asset portfolio books will be carved out to separate entities. The third option would be for acquisition of one or more asset books.
The last date for submission of bids is August 11.
The lenders have also issued a similar notice for RHFL. BoB Capital Markets and Ernst & Young have been jointly appointed as the Process Advisors.
In the case of RHFL, the lenders have decided to categorise the book into retail and wholesale book.
Bidders can submit EOIs and bids for the acquisition of entire shareholding and business of RHFL. Alternatively, they can look at acquiring the full retail book, which will be retained in RHFL, while the wholesale book will be carved into a separate entity. The third option would be for only the retail bid.
The last date for submission of bids is August 31.
RCFL and RHFL are both subsidiaries of Reliance Capital.
RCFL offers small and medium enterprises loans, loans against property, infrastructure financing, agriculture loans, supply chain financing, micro financing, vehicle loans and construction finance while RHFL is engaged in home finance.
RHFL reported a net loss of ₹161.34 crore for the first quarter of the fiscal. Reliance Capital reported a standalone loss of ₹387 crore in the same period.
In its results, Reliance Capital said it has exposure by way of loans, investments and guarantees in RCFL and RHFL totalling ₹4,954 crore outstanding as on June 30, 2020.
“The lenders of these companies have entered into Inter-Creditor Agreement (ICA) for the resolution of their exposure... Both the entities are progressing on implementing their resolution plans under ICA, which is valid till September 30, 2020,” it said.
Indian researchers are working on cells that can store more energy, last longer
To fix a broken bone, doctors often harvest another bone from the patient’s body or from someone else. It ...
Superconductors from IIScScientists at IISc Bangalore have invented a device with a nanocrystal structure ...
Engineering and construction giant L&T has won a licence from the Council of Scientific & Industrial ...
Option price falls more than it rises for the same change in underlying
A long-term vacation here is worth a check-in
The fund delivered a return of 31.5% in 2020 compared with the category’s 15.5%
Care Health Insurance’s new rider offers no great benefit. We review its pros and cons
In these isolated times when people yearn for a slice of the familiar, amateur and professional chefs are ...
While good writing wars against the cliché, television gives it a natural home
India is ready with two vaccines to beat the deadliest virus of recent times. The immunisation drive, however, ...
The storming of the Capitol on January 6 could be the prelude to yet another chapter in the US’s long and ...
Digital is becoming dominant media, but are companies and their ad agencies transforming fast enough to make a ...
Slow Network, promoted by journalist-lyricist Neelesh Misra, pushes rural products and experiences
How marketers can use the traditional exchange of festive wishes meaningfully
For Fortune, a brand celebrating its 20th anniversary, it was a rude shock to become the butt of social media ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor