Reliance Capital's Financial Bids Will Be Submitted On Monday

The final deadline for submitting bids is tomorrow, therefore those who wish to bid on Reliance Capital assets must do so by Monday, August 29. Under two alternatives, the bidders will submit their final, non-binding indicative bids. Option 1 allows bidders to purchase Reliance Capital as a Core Investment Company (CIC), whereas Option 2 allows them to purchase any one or more of RCAP's several business clusters. However, the lenders would like to sell Reliance Capital as a whole (CIC) as opposed to individual companies separately.

The lenders have previously extended the deadline for submitting bids five times. The lenders have also twice extended the deadline for finishing the resolution procedure for Reliance Capital. The procedure now has a final deadline of 1 November 2022.

There were over 54 companies that submitted EOIs for Reliance Capital's various assets at the beginning of the resolution process, but there are currently just a small number of bidders who are actively communicating with the Administrator. According to banking sources, just four to five bidders, including Piramal Group and Yes Bank, are currently actively involved in the resolution process of Reliance Capital out of the initial 54 EOIs received.

On the other side, IDBI Trusteeship is in charge of holding shares of Reliance General Insurance, the most valuable asset in RCAP's whole business portfolio. The shares have not been released by IDBI Trusteeship for the ongoing NCLT-led settlement procedure.
The COC has suggested that both the RCF and RHF be held in a separate Trust for the settlement of the Autumn Investment and Infrastructure in order to satisfy the bidders' worries over these companies.