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Differences emerge between Reliance Capital admin, lenders over resolution of company arms
As many as 54 bids were received for the resolution of RCL and its multiple subsidiaries as of March 25, which was the last date for submission of Expressions of Interest. Of those, around 22 EoIs are for RCL as a company, while the rest are for individual or a combination of the company's eight subsidiaries, sources said.
Differences have emerged between the lenders and the RBI-appointed administrator of debt-ridden Reliance Capital Ltd (RCL) over the resolution process of the company's different subsidiaries or clusters which are on the block, sources said.
As many as 54 bids were received for the resolution of RCL and its multiple subsidiaries as of March 25, which was the last date for submission of Expressions of Interest (EoI).
Of those, around 22 EoIs are for RCL as a company, while the rest are for individual or a combination of the company's eight subsidiaries, sources said.
RCL had offered two options to all the bidders. Under the first option, companies could bid for Reliance Capital, including its eight subsidiaries or clusters. The second option gave the companies freedom to bid for its subsidiaries, individually or in a combination, sources said.
Key clusters of RCL are Reliance General Insurance, Reliance Health Insurance, Reliance Nippon Life Insurance, Reliance Asset Reconstruction, and Reliance Securities.
Differences have emerged among the administrator, Committee of Creditors (CoC) and their respective legal advisors over the subsidiaries and their resolution process, sources said, adding that all the subsidiaries of RCL are profit-making entities, well-capitalized and management teams of these businesses are also intact.
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