Reliance Capital gains after lenders approve RCF resolution plan

Reliance Capital rose 1.75% to Rs 20.30 after the board of directors of Reliance Commercial Finance (RCF) took note of the resolution plan approved by the lenders.RCF is a wholly owned subsidiary of Reliance Capital.
Lenders, forming part of the Inter-Creditor Agreement (ICA Lenders) under RBI's Prudential Framework for Resolution of Stressed Assets, selected Authum Investment and Infrastructure (Authum) as the successful bidder to acquire the company and/or all its' assets through a competitive bidding process after several rounds of negotiations between the bidders and the lenders.
Authum's debt resolution plan is approved under RBI's Prudential Framework for Resolution of Stressed Assets, Directions dated 7 June 2019 (RBI Directions).

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