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Reliance Capital e-Auction: Anil Ambani’s company Reliance Capital Limited is stuck in debt. Now a big update has come regarding this company. The process of auctioning the company has started. For this, the process of E-Auction has been almost finalized for the bidders.
RCL’s property will be auctioned from 19 December. In such a situation, the preparations for this work have almost been completed. This will be an e-Nimali. Cosmea-Piramal has offered Rs 5,300 crore to buy the company. In such a situation, this amount has been kept as the base price in this e-payment. It is expected that this bidding will start from December 19 and end by December 21, 2022.
This is the plan for the second round of bidding
After the first round of bidding is over, Rs 750 crore will be kept more than the best bid price of the first bid for the second round. There is a plan to keep Rs 500 crore more than the last best bid in the third round. Along with this, the minimum bid in this auction should be of Rs 250 crore.
The company defaulted 2,400 crores to the bank
It is worth noting that Reliance Capital has defaulted on a loan of Rs 2,400 crore from the bank last year. This is the first time that the process of e-auction of such a big defaulting company has been started. All these processes are being conducted as per the Bankruptcy Code, 2016. Life Insurance Corporation of India and EPFO have asked the companies to bid maximum for the company to get a good bid.
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Bids received from these four companies-
Reliance Capital has received these four binding bids. Apart from this, Cosmea-Piramal, Oaktree, Hinduja and Torrent Group have also bid. Earlier in November last year, Reliance Capital, which is a non-financial company (NBFC), is being auctioned through the Insolvency Code. Reliance Capital is the third NBFC to be auctioned under this rule.
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