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Budget News

  • LIC's decision to sell Reliance Capital debt to ARC upsets lenders and bidders
  • November 16,2022  15:15

  • Days before the deadline for submission of binding bids, LIC's decision to sell its cash-strapped Reliance Capital Ltd (RCL) Rs 3,400 crore secured principal debt to an Asset Reconstruction Company (ARC) has irked its lenders and bidders.

    The deadline for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is 28 November.

    LIC is conducting a Swiss Challenge process to invite bids from Asset Reconstruction Companies (ARCs) to sell its exposure in RCL, sources said, adding prospective bidders will be asked to better the offer.

    However, Asset Care and Reconstruction Enterprise will have the first right to match the counter offer, sources said.

    The last date to submit the bids is November 25, while the deadline for submission of binding bids for RCL is November 28.

    According to sources, RCL's Committee of Creditors (CoC) are upset as to why LIC has initiated a parallel process to sell its debt so close to the deadline for submission of bids.

    LIC is a member of the CoC and this attempt to finalise a transaction 3 days before the binding bids deadline has upset the other members and bidders, sources noted.

    RCL had offered two options to all the bidders. Under the first option, companies could bid for Reliance Capital Ltd, including its eight subsidiaries or clusters. The second option gave the bidders the freedom to bid for its subsidiaries individually or in a combination.

    RCL has eight businesses on the block. These include general insurance, life insurance, health insurance, securities business and asset reconstruction, among others.

    The Reserve Bank of India (RBI) had replaced RCL's board on November 29 last year, citing payment defaults and serious governance issues. RBI has appointed Nageswara Rao Y as the administrator for the company's Corporate Insolvency Resolution Process (CIRP).

    Reliance Capital is the third large non-banking financial company (NBFC) against which the central bank has initiated bankruptcy proceedings under the IBC. The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL). The RBI subsequently filed an application for initiation of CIRP against the company at the Mumbai bench of the National Company Law Tribunal (NCLT).

    In February this year, the RBI-appointed administrator invited expressions of interest for the sale of Reliance Capital.

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