RCAP bidders seek another extension for bid submission

Mumbai, Nov 23,2022:  Barely a few days away from the binding bids submission deadline, a few bidders are seeking another extension and have written to the Reliance Capital (RCAP) Administrator.

Oaktree and Torrent have requested to extend the deadline for the bid submission, from the current November 28 to December 16, while Piramal and Zurich want the last date for submitting the binding bids to be extended to December 23.

Both, Oaktree and Torrent had submitted non-binding bids for Reliance Capital CIC, under option 1, while Piramal and Zurich are competing for the general insurance business of the company.

All the bidders are seeking an extension as they claim that they need more time to finalise the resolution plan.

The timeline for the submission of the bids has already been extended multiple times in the past.

In August end, RCAP received 6 non-binding bids under option 1 i.e. for Reliance Capital as a company. Torrent, IndusInd, Oaktree, Cosmea Financial, Authum Investment, and B Right Real Estate had submitted bids in the range of Rs 4,000 crore to Rs 4,500 crore for Reliance Capital’s entire assets.

For Reliance General Insurance business, Piramal Finance had bid Rs 4,000 crore, while Zurich Insurance’s bid was Rs. 3,500 crores. The third bidder i.e. Advent had bid Rs 7,000 crore for Reliance General Insurance.

Jindal Steel and Power and UVARC had submitted bids for Reliance Capital’s ARC business.

For other assorted assets of Reliance Capital, three bidders — Choice Equity, Global Fincap, Grand Bhawan — had submitted the non-binding bids.

The deadline to complete the resolution process of Reliance Capital, as approved by the NCLT, is January 31, 2023.