New Delhi, Dec 23 (PTI) Hinduja Group, the comptroller of IndusInd Bank, on Friday raised its offer for debt-heavy Reliance Capital to Rs 9,500 crore from the initial offer of Rs 8,800 crore. The group bid Rs 8,110 crore in the December 21 auction, sources said. The email company withdrew from Hinduja until the article was published. Earlier this week, Ahmedabad-based Torrent Group made an offer of Rs 8,640 crore to buy NBFC Anil Ambani Group. However, attempts to change the bids in the Hinduja online auction have been blocked by the appeal mechanism, sources said. First, the second auction of the CNI (Insolvency and Bankruptcy Code) will take place. One of the main concerns in Friday’s CoC meeting was to change prices to net present value (NPV) after the electronic auction slowed down the entire process. The Committee of Creditors (CoC) will monitor the status of the CIRP and the future progress concerning the activities or the miles that are set out in the trusts of the Company through ongoing legislation and operations. The meaning of capital assessment is specified in the regulatory documents. Creditors will meet on December 26 to discuss the settlement process and review proposals received from sources, he said. The National Limited Company Tribunal (NCLT) has given the creditors till January 31, 2023, to complete the capital settlement process. Sources said the second deal was successful after DHFL and a big profit for lenders. The Reserve Bank of India (RBI) replaced the board of Reliance Capital on November 29 last year due to poor management and lack of results. RBI has appointed Nageshwara Rao Y as the Director of Corporate Insolvency Policy Procedures (CIRP). Trust Capital is the third largest non-banking financial company (NBFC) to be cleared by the central bank under the IBC. The remaining two companies are Srei Group NBFC and Dewan Housing Finance Corporation (DHFL). The RBI then applied to the National Press Conference Tribunal (NCLT) in Mumbai to initiate a CIRP against the company. In February, RBI-designated regulators expressed interest in the sale of Trust Capital.
Hinduja surprised Reliance Capital by changing its bid to beat Torrent’s bid.
- Sources told CNBC TV18 that Hinduja Global has revised its offer from Rs 811 billion to around Rs 950 billion, with a cash component of Rs 880 billion. The net present value of Hinduja’s offering is Rs 90 billion.
Hinduja Global has submitted a revised proposal to creditors for Debtor Reliance Capital. A person familiar with the matter told CNBC-TV18 that this is beyond Trent’s offer to invest in an auction held as part of the settlement process. On Friday, December 23, Hinduja Global revised its offer from Rs 8,110 crore to around Rs 9,500 crore, which includes a cash component of Rs 8,800 crore, sources said. Hinduja’s offer has a net present value of Rs 90 billion, the source added.
CNBC-TV18 had earlier reported that only Torrent and Hinduja are participating in the online auction, with Torrent on Wednesday (December 21) raising $864 billion to buy the NBFC founded by the Anil Ambani Group. CNBC-TV18 also reported that the Piramal-Cosmea consortium and Oaktree Capital are not participating in the online auction.
The lender will review the application and review the details next week.
The creditors’ committee is scheduled to meet on January 3 to consider the request and decide on the vote.
Hinduja group’s attempts to raise the value of Anil Ambani’s Reliance Capital were reportedly thwarted.
The decision of the National Company Tribunal (NCLT) has set 31 January 2023 as the deadline for creditors to complete the liquidation proceedings.
The Hinduja group attempted to submit its bid just days after a consortium led by the Piramal group decided to withdraw its bid for Reliance Capital debtor Anil Ambani. Promoter IndusInd Bank Hinduja is reportedly planning to provide Rs 9,500 crore to Reliance Capital, including an upfront payment of Rs 8,800 crore.
The initial offer dated December 21 was Rs 811 billion and the company has yet to respond to inquiries. Here’s how he can beat Ahmedabad’s Torrent Group, which offered Rs 864 crore to a non-bank financial firm, which is the highest bid so far.
However, Hinduja reportedly planned to change the bid amount after the auction, but this was prevented by the competition mechanism. Reliance Capital’s new auction is also the first to be held under bankruptcy and insolvency laws.
The decision of the National Company Tribunal (NCLT) has set 31 January 2023 as the deadline for creditors to complete the liquidation proceedings.
Reliance Capital is currently the third major NBFC to go bankrupt with RBI, after Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
Hinduja Group has increased its offer to take over Reliance Capita to Rs 9500 crore.
Hinduja Group is raising its offer to Rs 9500 crore to acquire Reliance Capital from this source.
Hinduja Group raises its offer to Rs 9,500 crore to acquire Reliance Capital.
IndusInd Bank promoters Hinduja Group tried to renegotiate an offer to acquire debt-heavy Reliance Capital for Rs 9.5bn on Friday, with an expected cash outflow of Rs 8.8bn, according to the sources.
Hindujas suddenly increased Trust Capital’s bid.
In a shocking turn of events, the Hinduja Institute raised its bid for Trust Capital earnings to Rs 9,000 crore, a two-day high of Rs 8,640 crore, a two-person venture, ahead of Torrent.
In a shocking turn of events, the Hinduja Institute raised its bid for Trust Capital earnings to Rs 9,000 crore, a two-day high of Rs 8,640 crore, a two-person venture, ahead of Torrent…When Trust Capital’s board closed on Wednesday, the Hinduja Group, led by IndusInd International Holdings, came in second with an offer of Rs 8,110 crore. According to those who requested anonymity, after reviewing the offer, Hinduja Group offered an initial fee of Rs 8,800, much higher than the Rs 4,000 suggested by Torrent Group.