INSUBCONTINENT EXCLUSIVE:
Several firms have shown interest in acquiring debt-ridden Reliance CapitalNew Delhi: Adani Finserve, Piramal Finance and Poonawala Finance
are among the 14 prominent firms that have expressed interest to acquire debt-ridden Reliance Capital Limited, promoted by the Anil Ambani
Group, sources said.The last date for submission of bids for the debt-ridden firm was extended to March 25 from the previous fixed date of
March 11 by the Reserve Bank-appointed administrator.The Reserve Bank of India (RBI) had on November 29 last year superseded the board of
Reliance Capital in view of payment defaults and serious governance issues.This is the third large non-banking financial company (NBFC)
against which the central bank has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC) recently
The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).The deadline has been extended on the request of some
prospective bidders who have sought more time to submit the EOIs, sources said.ArpWood, Varde Partners, Multiples Fund, Nippon Life, JC
Flowers, Brookfield, Oaktree, Apollo Global, Blackstone, and Hero Fincorp are the other major companies that have submitted expressions of
interest (EoIs) for Reliance Capital by March 11, they said.According to the sources, the vast majority of the bidders, who have submitted
than one of the eight subsidiaries of the NBFC firm.The Reliance Capital subsidiaries include Reliance General Insurance, Reliance Nippon
Life Insurance, Reliance Securities, Reliance Asset Reconstruction Company, Reliance Home Finance and Reliance Commercial Finance.Following
the takeover of the board, RBI-appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolvency Resolution Process
(CIRP) of the company.RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National
September, Reliance Capital in its annual general meeting (AGM) had informed shareholders that the company's consolidated debt was Rs 40,000
It had reported narrowing of its consolidated net loss to Rs 1,759 crore in the quarter ended December 2021.
