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The opposite clusters embody asset reconstruction enterprise, securities and broking enterprise, life insurance coverage enterprise, non-life insurance coverage enterprise, actual property held by Reliance Capital, and loans within the books of the bancrupt finance firm.
Candidates can provide presents for multiple cluster or all the firm, the individuals stated.
Anil Dhirubhai Ambani Group-promoted Reliance Capital, which was admitted for insolvency proceedings on December 6 final yr, is the core funding firm with fairness stakes in 20-odd subsidiaries and 5 affiliate firms.
The administrator beneath the decision course of will search expressions of curiosity (EoIs), setting a deadline of mid-March for the fairness held by Reliance Capital in key subsidiaries, sources stated.
Administrator didn’t reply to the request for remark.
It’ll invite EoIs for 100% fairness in Reliance Business Finance (RCF), 49.5% in Reliance Dwelling Finance (RHF), 49% in Reliance Asset Reconstruction Firm, 100% in Reliance Basic Insurance coverage, and 51% in Reliance Nippon Life Insurance coverage.
These are the 5 key firms which are more likely to entice buyers, individuals cited above stated.
The choice to promote Reliance Business Finance (RCF) and Reliance Dwelling Finance (RHF) has raised questions over the lenders’ earlier cope with Authum Funding and Infrastructure to promote mortgage books of those companies, one of many potential bidders stated.
A senior financial institution official, nevertheless, stated the most recent transfer is not going to impression the Authum deal.
“The proposed cope with Authum is just restricted to sale of mortgage books of RCF and RHF whereas the administrator is looking for bids for the fairness stake that Reliance Capital holds within the two finance firms,” the particular person stated.
The lenders had final yr voted in favour of a deal to promote mortgage books of the 2 monetary service firms to Authum for round Rs 4,000 crore
The administrator is more likely to set a reserve worth of Rs 1 crore every for the fairness stakes of RCF and RHF. The reserve worth relies on the provide that the lenders had obtained from Authum final yr, individuals stated. The decrease reserve worth is as a result of the networth is absolutely written off.
Reliance Capital has verified claims of Rs 23,666 crore primarily from worker pension funds. Lenders are hoping to get better at the least Rs 8,000 crore from sale of fairness stakes and property.
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