Reliance Cap lenders to meet on Friday to take call on Hinduja Group bid
Lenders of debt ridden Reliance Capital (RCap) will meet on Friday to take a call on Hinduja Group firm's bid to acquire the financial services firm.
IndusInd International Holdings Ltd (IIHL), a Hinduja Group firm, emerged as the highest bidder with an offer of Rs 9,650 crore in the second round of bidding concluded on Wednesday.
IIHL is slated to make a presentation to the lenders on its resolution plan on Friday, sources said.
IIHL was the sole bidder in the second round of auction of Reliance Capital, as Torrent Investments and Oaktree decided not to participate in the auction.
In addition to the Rs 9,650 crore bid, the IIHL has also offered Rs 300 crore capital infusion into Reliance General Insurance, and another Rs 50 crore for the items excluded under section 66 of the Insolvency and Bankruptcy Code, 2016 (IBC).
This takes the total value of IIHL's bid to Rs 10,000 crore and it has expressed intent to pay entire bid amount upfront.
The total value of IIHL's bid is around