Ahmedabad-based group bids Rs 8,640 crore for the acquisition Anil Ambani NBFC unit of the group, the report said on Wednesday.
was the second highest bidder Hinduja Group. Oaktree, which was also in the running, did not participate in the first stage.
The Cosmea Piramal consortium had already exited the bidding process.
Reliance Capital is the third large NBFC against which RBI has initiated insolvency proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).
The floor value for the auction was fixed at Rs 6,500 crore by the Committee of Creditors (CoC). According to sources, an increase of Rs 1,000 crore each has been made in the second and third phase of the auction process.
Under the NCLT order, the lenders will have to complete the resolution process of Reliance Capital by January 31, 2023. This is the first time that an e-auction of this scale is taking place for resolution of an NBFC under IBC. Said.
The decision of Aarohi e-auction was taken at the behest of LIC and EPFO, which together control 35 per cent voting rights in the CoC.
The RBI had superseded the board of Reliance Capital on November 29 last year following payment default and governance issues.
Subsequently, Nageswara Rao Y was appointed as the administrator for the Corporate Insolvency Resolution Process (CIRP) of the firm.
In February 2022, the Administrator invited expressions of interest for sale of distressed NBFCs.