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Reliance Capital: Lenders have voted for the second round of e-auction of bankrupt Anil Ambani’s company Reliance Capital. According to the report, the auction will be started at Rs 9,500 crore, which will include upfront payment of Rs 8,000 crore. Let us tell you that the first round of bidding took place on December 21, 2022, whose base price was Rs 6,500 crore.
Voting for the auction of Reliance Capital began on Monday and ended on Tuesday afternoon. The auction can be held on 16 January 2023. Along with this, the bid made in the first round will also be kept valid, due to which any bidder can increase his bid price.
Apart from Torrent and Hinduja Group, other bidders will get a chance in the second round of bidding. Cosmea-Piramal Consortium and Oaktree Capital have this new opportunity to bid to buy Reliance Capital. However, a lender says that these bidders who bid less in the first round are less likely to bid higher.
Demand for ban on second round auction
Torrent Investments had sought a stay on the second round voting process of Reliance Capital in the National Company Law Tribunal. However, the NCLT has refused to grant interim relief to Torrent. Let us tell you that Torrent had made the highest bid for Reliance Capital, but later Hinduja had improved its bidding price and offered more than Torrent. There is a dispute between these two companies regarding this.
Bid for Reliance Capital in the first round
On December 21, Torrent had made the highest bid of Rs 8,640 crore for Reliance Capital, which was followed by Hinduja Group’s bid of Rs 8,110 crore. A day after the e-auction, Hinduja revised its bid from Rs 8,110 crore to Rs 9,000 crore, which included an upfront payment of Rs 8,750 crore.
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