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Board of Reliance Commercial Finance takes note of resolution plan approved by lenders

The Board of Directors of Reliance Commercial Finance (RCF) took note of the resolution plan approved by the Lenders forming part of the Inter-Creditor Agreement (ICA Lenders) under RBI s Prudential Framework for Resolution of Stressed Assets, Directions dated 07 June 2019 (RBI Directions). RCF is a wholly owned subsidiary of Reliance Capital. Lenders 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. The implementation of the resolution plan by the successful bidder is subject to approval of non-ICA Lenders, shareholders, regulatory authorities and, vacation of existing legal injunctions on the Company.

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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