Wednesday, February 8, 2023
HomeDigit NewsThis big company, out of the race to buy Reliance Capital, had...

This big company, out of the race to buy Reliance Capital, had invested the biggest investment of 5,231 crores.

Reliance Capital: A big company has dropped out of the race to buy debt-ridden Anil Ambani’s company Reliance Capital. This company along with Piramal Group had made a big bid to buy Reliance Capital. However, Piramal Group is still open to buy it and has shown interest in buying it.

According to media reports, Mumbai-based NBFC Cosmea Financial Holdings has withdrawn from the insolvency bidding process of Reliance Capital Limited (RCL). It has been informed by quoting sources that the consortium had made the highest bid for Reliance Capital Asset.

why the company exited

As per reports, three firms Hinduja Group, Torrent Group and Oaktree Capital are involved in acquiring Reliance Capital’s assets after the exit. There has been no change in the auction schedule. The e-auction will be done on Wednesday, 21 December only as per schedule. Already the big bidder company has been out of the auction. According to the report, the company has backed out of the race due to changes in the rules of the auction.

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what has changed

On December 13, RCap’s Committee of Creditors (CoC) raised the auction base price by about 25 per cent to Rs 6,500 crore. Earlier the base price was fixed at Rs 5,231 crore, which was the highest bid by the Cosmia-Piramal consortium. The deadline for the e-auction was also extended to 21 December from the earlier 19 December. Along with this, an increase from 250 crores to 1000 crores was fixed for the bid from the first to the last round.

How many crores of rupees was bid

Cosmea-Piramal had bid Rs 5,231 crore for RCap. In this, Rs 4,250 crore has been paid to CIC. The Net Present Value (NPV) of Cosmea-Piramal was offered at Rs 5,000 crore. The second number was Hinduja Group, which had bid for Rs 5,060 crore, which paid Rs 4,100 crore, while the NPV offer was Rs 4,800 crore.

After this, Torrent had placed a bid of Rs 4,500 crore, which includes a down payment of Rs 1,100 crore and an NPV of Rs 4,200 crore. Oaktree had bid for Rs 4,200 crore with a down payment of Rs 1,000 crore and an offer of NPV Rs 2,600.

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