Hinduja Revises Offer To Acquire Anil Ambani’s RCap; Torrent Bid Upstaged

Gujarat News, Gujarati News, Latest Gujarati News, Gujarat Breaking News, Gujarat Samachar.

Latest Gujarati News, Breaking News in Gujarati, Gujarat Samachar, ગુજરાતી સમાચાર, Gujarati News Live, Gujarati News Channel, Gujarati News Today, National Gujarati News, International Gujarati News, Sports Gujarati News, Exclusive Gujarati News, Coronavirus Gujarati News, Entertainment Gujarati News, Business Gujarati News, Technology Gujarati News, Automobile Gujarati News, Elections 2022 Gujarati News, Viral Social News in Gujarati, Indian Politics News in Gujarati, Gujarati News Headlines, World News In Gujarati, Cricket News In Gujarati

Hinduja Revises Offer To Acquire Anil Ambani’s RCap; Torrent Bid Upstaged

| Updated: December 24, 2022 11:21

Two days after Torrent Investments won the e-auction for the resolution of debt-ridden Reliance Capital with its bid of ₹8,640 crore, its sole competitor Hinduja Group, on Friday, submitted a revised bid, offering a net present value of ₹9,000 crore.

Earlier, only Torrent and Hinduja participated in the e-auctions, with Torrent making the highest bid of Rs 8,640 crore on Wednesday (December 21) for acquiring the NBFC firm set up by the Anil Ambani Group. 

The CoC (Committee of Creditors) of RCap now has both the plans, which will be examined based on factors such as share of SRs (security receipts), upfront cash portion, tenure of the resolution plan, coupon or rate of return, and additional comforts provided by the bidders. The CoC will next meet on January 3.

“The details are under study and a decision on the new bid will only be taken by next week or so,” said an industry participant with knowledge of the matter.

Under the e-auction, IndusInd International Holdings — part of the Hinduja Group — had submitted a bid of ₹8,110 crore. The other two entities to submit binding bids, Cosmea Financial and Piramal Capital combine, and US-based Oaktree Capital, did not participate in the e-auction.

The base price for the e-auction was set at ₹6,500 crore. This was higher than Cosmea-Piramal’s binding bid of ₹5,231 crore, which was eventually withdrawn a day ahead of the e-auction. 

Also Read: CBI Arrests Chanda Kochhar, Husband In Loan Fraud Case

Your email address will not be published. Required fields are marked *

%d