Reliance Capital 2nd Round Auction: Debt-ridden Anil Ambani (Anil Ambani’s company Reliance Capital) has been approved for the second round of auction. Meanwhile, the company said on Monday that the second round of auction has been postponed till April 11. Torrent Investments and Hinduja Group were already involved in Reliance Capital’s bid, but now another company has joined the list.
According to ET’s report, apart from Torrent Investment and Hinduja, IndusInd International Holdings, Oaktree Capital have shown interest for the second round of auction. There is a possibility in the report that the lender group of Reliance Capital may take this auction further.
Now the second round of auction will be held on April 11
During the last week, it was informed by Management Nageswara Rao that the auction of Reliance Capital was to be held on April 4, but it has been extended till April 11. The company’s lender group expects bidders to make a good offer for Reliance Capital.
Refused to participate in the auction
Recently Torrent and Oaktree Capital Management had refused to participate in the auction of Anil Ambani’s company, but during the last week it has been told by the management that these companies will participate in the auction. The lender group has placed the highest bid for the auction from the previous auction. The liquidation value during the previous bid was Rs 12500 to Rs 13,00 crore.
Bidding to start at Rs 9,500 crore
The proposed bid for the second auction is Rs 9,500 crore, which includes Rs 8,000 crore upfront cash. During the previous round, Torrent Investments had placed the highest bid of Rs 8,640 crore, while Hinduja Group had submitted a bid of Rs 8,110 crore. However, after 24 hours, Hinduja had revised the bid and presented 9 thousand crore rupees, for which Torrent had objected. At the same time, later this matter has gone to the court, in which the bid for the second round was demanded. The second round of auction has been approved by the Supreme Court.
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