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AAA Reliance Capital Ltd. (R-Cap), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids had come in for Reliance Capital s assets, taking the total number of bids to 70, the sources said. State Bank of India s subsidiary SBI Life has also shown interest in picking up Reliance Capital s stake in Reliance Nippon Life Insurance, they added.
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Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far
Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far
IANSDec 22, 2020, 17:24 IST
BCCL
New Delhi, Reliance Capital s (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received.
SBI Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital s assets, taking the total number of bids to 60.
December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17.
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Reliance Capital (RCL), part of the debt-ridden Anil Ambani-promoted Reliance Group, has received 10 more bids, including from SBI Life, for its subsidiaries, sources said. Earlier this month, the Committee of Debenture Holders had extended the last date for submission of expression of interest (EoI) to December 17, 2020. Following this, 10 new bids have come in for Reliance Capital s assets, taking the total number of bids to 70, the sources said. State Bank of India s subsidiary SBI Life has also shown interest in picking up Reliance Capital’s stake in Reliance Nippon Life Insurance, they added. Reliance Nippon Life Insurance Company, a joint venture with Japan s largest life insurer-Nippon Life which holds 49 per cent shareholding, has a paid-up capital of Rs 1,196 crore as of September 30, 2020.
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Reliance Capital s (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. December 1 was the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Over eight bidders have bid for entire RCAP assets on as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100 per cent by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital.
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