In accordance with sources, Adani Finserve, ICICI Lombard, Tata AIG, HDFC Ergo, and Nippon Life Insurance coverage are amongst 54 companies which have expressed curiosity to amass Reliance Capital, promoted by the Anil Ambani Group.
Different bidders embody Sure Financial institution, Bandhan Monetary Holdings, Cholamandalam Funding, OakTree Capital, Blackstone, Brookfield, TPG, KKR, Piramal Finance and Poonawala Finance, sources added.
Following the excitement, shares of Reliance Capital hit the higher circuit of 5 per cent at Rs 14.85 on Monday. The scrip had settled at Rs 14.15 on Friday.
Reliance Capital’s subsidiaries embody Reliance Basic Insurance coverage, Reliance Nippon Life Insurance coverage, Reliance Securities, Reliance Asset Reconstruction Firm, Reliance Dwelling Finance and Reliance Business Finance.
Previous to this, the administrator appointed by the Reserve Financial institution of India (RBI), had prolonged the final date for submission of bids for the debt-ridden agency to March 25 from March 11 on the request of the bidders.
The Reserve Financial institution of India had on November 29 final yr outdated the board of Reliance Capital Ltd (RCL) in view of cost defaults and critical governance points.
Following the takeover of the board, the RBI appointed Nageswara Rao Y because the administrator in relation to the Company Insolvency Decision Course of (CIRP) of the corporate.
That is the third giant non-banking monetary firm (NBFC) towards which the central financial institution has initiated chapter proceedings underneath the Insolvency and Chapter Code (IBC).
Previous to this, Srei Group’s NBFC and Dewan Housing Finance Company (DHFL) went by comparable proceedings.