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Anil Ambani's Reliance Capital will be auctioned again, competition between these giants

Anil Ambani’s Reliance Capital will be auctioned again, competition between these giants

Reliance Capital: It has been decided to auction the second round to buy Anil Ambani’s heavily debt-ridden company Reliance Capital. The bidding for bankrupt Reliance Capital can be started next week, which will start from Rs 9,500 crore. The decision has been taken after Torrent and Hinduja Group offered cash advances on behalf of the lenders.

During the first round of e-auction, Torrent offered Rs 8,640 crore as upfront, while Hinduja Group offered Rs 9,000 crore after the auction. A minimum bid of Rs 9,500 crore has been kept for the second round of e-auction, while earlier it was Rs 6,500 crore.

Why the second round of auction is happening

According to a report in Economics Time, Torrent and Hinduja can present a good bid to buy Reliance Capital from the group. The lender is bringing the second round of bids with the aim of improving the company’s price in the auction, which is at least more than the liquidation value. However, all offers from Reliance Capital have been well below Rs 12,500-13,000 crore.

clash between torrent and hinduja

In the first round of auction held on December 21 for Anil Ambani’s bankrupt company, Torrent Group had moved the NCLT against Hinduja’s bid and then asked for a cash prepayment of Rs 8,640 crore. However, Hinduja later revised his bid to Rs 9,000 crore, which included an upfront payment of Rs 8,750 crore.

These are the bidding companies

In the second round of e-auction, the highest bidders in the previous auction will be Torrent, IndusInd International (Hinduja), Cosmia Piramal and Oaktree. E-auction can be done in a week, which can be extended even further. Let us tell you that before the bankruptcy process, Reliance Capital had raised Rs 600 crore through bonds by pledging the shares of the general insurance company.

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