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Reliance Capital has received offers from The Hinduja Group, Oaktree Capital, Torrent Investments, and Cosmea Financials Holdings up to Rs 4,500 crore each, to acquire Reliance Capital.
Cosmea Financial has offered Rs 4500 crores with a commitment of capital infusion of Rs 1060 crores into the debt-ridden company. Oaktree, Torrent Investments, and Hinduja have kept their bids for 4,200 crores and 4,000 crores respectively.
Sam Ghosh, the promoter-founder of Cosmea Financial Holdings, headed Reliance Capital for 9 years until 2017.
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The debt-ridden company has received 14 resolution plans until August end as part of the company’s insolvency proceedings.
Nagaeswara Rao Y, an administrator appointed by RBI stated that the company did not receive any separate bids for the 51% stake of Reliance Nippon Life Insurance. On the other side, Advent and Zurich Insurance have submitted their proposals for a 100% stake in Reliance General Insurance.
The shares of Reliance Capital gave returns of more than 180% last year which was due to the initiation of CIRP Proceedings. However, the stock only gave 95% this year making a high of Rs. 23.95 in the month of April 2022. With new proposals being submitted to recover the debt-ridden business, the stock started hitting consecutive upper circuits of 5% in the last 4 trading days.
Reliance Capital said in a regulatory filing, "the Hon'ble NCLT Mumbai.. extended the timeline for completion of CIRP by a period of 60 days i.e., till November 1, 2022."
On Tuesday, Reliance Capital shares closed at ₹16.80, up by 5.00%.
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