Reliance Capital bid deadline ends
The deadline for submission of bids for debt-ridden Reliance Capital Ltd (RCL) ends on Monday amid concerns of investors over the company''s most-valuable arm Reliance General Insurance Company. IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of Reliance Capital''s 100 per cent shareholding in Reliance General in November 2019 and transferred the shares to its account. The Administrator wants to include Reliance General as part of RCL''s insolvency process, but the IDBI Trustee has refused to release the shares of the general insurance firm for resolution process under Insolvency and Bankruptcy Code (IBC), sources said, adding, this seems to have hit a roadblock. As a result, investors are cagey about submission of bids in absence over clarity over Reliance General shares, sources said. The Committee of Creditors (CoC) extended the deadline for the submission of bids five times in the past leaving only 4-5 interested entities including Piramal, Torrent, Yes Bank and IndusInd Bank for the resolution of RCL.
Reliance Capital bid deadline ends
The deadline for submission of bids for debt-ridden Reliance Capital Ltd (RCL) ends on Monday amid concerns of investors over the company''s most-valuable arm Reliance General Insurance Company. IDBI Trusteeship Services Limited acting in its capacity as a debenture trustee on behalf of Credit Suisse, had invoked the pledge of Reliance Capital''s 100 per cent shareholding in Reliance General in November 2019 and transferred the shares to its account. The Administrator wants to include Reliance General as part of RCL''s insolvency process, but the IDBI Trustee has refused to release the shares of the general insurance firm for resolution process under Insolvency and Bankruptcy Code (IBC), sources said, adding, this seems to have hit a roadblock. As a result, investors are cagey about submission of bids in absence over clarity over Reliance General shares, sources said. The Committee of Creditors (CoC) extended the deadline for the submission of bids five times in the past leaving only 4-5 interested entities including Piramal, Torrent, Yes Bank and IndusInd Bank for the resolution of RCL.