Lenders to meet on Tuesday to discuss bids for Reliance Capital acquisition ...Middle East

Business Standard - Economy
source : Business Standard ( Middle East ) () 13
The Committee of Creditors (CoC) of debt-ridden Reliance Capital Ltd is scheduled to meet on Tuesday to discuss bids submitted by Torrent Group and Hinduja Group as part of the insolvency resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, sources said. If successful, it will mark the entry of Torrent Group into financial services space. In an e-auction conducted under the Challenge Mechanism, Torrent had presented a resolution plan for Reliance Capital Ltd (RCL) with a net present value of Rs 8,640 crore, while Hinduja's offer was Rs 8,110 crore. The CoC fixed a floor value of Rs 6,500 crore for the

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