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Reliance Capital Auction Update: To recover the huge debt, the lenders of Reliance Capital have again postponed the second round of auction. The second auction of Anil Ambani’s company Reliance Capital was to be held on Tuesday. According to the PTI report, the lenders group has not yet announced a new date for the second round of auction. Although this new date will be decided in this week or two days.
Last time, the second round of auction was postponed by the lenders group till April 11. It has been said in the report that Hinduja Group’s IndusInd Holdings, Torrent Investment and Singapore-based Oaktree Capital are going to participate in this auction. The auction was postponed last week to work out the plans of the bidders as per the Request for Resolution Plan (RFRP), after the Hinduja Group firm submitted bids in the first round of the auction.
The Supreme Court had given the decision of the auction
Torrent Investments was the highest bidder for the Anil Ambani-led company as per the auction in the first round. The auction is being opposed by the Hinduja Group in the Supreme Court. Last week in March, the Supreme Court had given its verdict for the second auction on a petition filed by the creditors on behalf of the Torrent Group. It has been said in the report that the order of the Supreme Court will have to be mentioned during the second round of bidding.
Who bid how much in the first round
In the second auction, the base price has been kept at Rs 9,500 crore, which was higher than the previous bids. In the first round, the Hinduja Group submitted a revised bid of Rs 9,000 crore on December 21, a day after the conclusion of the first round of auction. Earlier, Torrent had made the highest bid. Torrent had made a bid of Rs 8,640 crore, while Hinduja Group had originally offered Rs 8,110 crore. Reliance Capital is the third major NBFC against which RBI has initiated bankruptcy proceedings under IBC.
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