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Some potential bidders for Reliance Capital’s assets through the insolvency process are seeking another extension to evaluate the company. The deadline for submitting bids ends on November 28, but few bidders have sought another month’s time.
The timeline for the submission of the bid has already been extended multiple times in the past, and therefore, the administrator is unlikely to grant another extension.
The bidders
Reliance Capital had received six non-binding bids under option 1 — that is for Reliance Capital as a company. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment and B Right Real Estate had submitted bids in the range of ₹4,000 crore to ₹4,500 crore for RCap’s entire assets.
For Reliance General Insurance business, Piramal Finance is understood to have bid around ₹4,000 crore, while Zurich Insurance’s bid is estimated to be around ₹3,500 crore. The third bidder, Advent, may have bid ₹7,000 crore, said sources.
Jindal Steel and Power and UVARC had submitted bids for Reliance Capital’s ARC business. For other assorted assets of Reliance Capital, three bidders — Choice Equity, Global Fincap and Grand Bhawan — had submitted non-binding bids. The deadline to complete the resolution process, as approved by the NCLT, is January 31, 2023.
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