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Reliance Capital: Deadline to bid for subsidiaries extended till December 17

NEW DELHI: Reliance Capital Ltd (RCL), part of debt-ridden Anil Ambani-promoted Reliance Group, on Monday said the Committee of Debenture Holders has extended the deadline for submission of bids for the company’s subsidiaries to December 17. With regard to invitation of “Expression of Interest (EoI) for submission of asset monetisation plan(s) for certain subsidiaries/ investments of Reliance Capital Limited, we hereby inform that the Committee of Debenture Holders has decided to extend the last date for submission of Expression of Interest to December 17, 2020,” RCL said in a regulatory filing.

Other than the extension in timeline, all other terms and conditions remain unchanged, it added.

Monetisation process is under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra — ITCL India Ltd. The company’s total outstanding debt is around Rs 20,000 crore.

The last date for submission of EoIs for the stake sale was December 1. In all, 60 different bids have been received by SBI Capital Markets and J M Financial Services, the advisors to the lenders.

The bids were invited for all or part of RCL’s stake in subsidiaries Reliance General Insurance, Reliance Nippon Life Insurance Company, Reliance Securities, Reliance Financial Limited and Reliance Asset Reconstruction Limited.

There are plans to sell 100 per cent stake in Reliance Securities and Reliance Financial Limited. The company has invited bids for 49 per cent stake in Reliance Asset Reconstruction Limited. Its 20 per cent stake in Indian Commodity Exchange (ICEX) has also been put on sale.

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Banking/Finance-Industry-Economic Times

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