RCap Lenders In A Fix As Hindujas Retract Revised Rs 8,950-Crore Offer

The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) – a deal that it had belatedly put forth in December after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process.

Recently, The Hindujas’ has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former’s revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. 

Torrent has moved to the Supreme Court and prefers to wait before taking any action to involve in the fresh auction. 

According to a leading media company, some lenders of Reliance Capital met informally with the Torrent group and the Hinduja Group when the bidder changed its stand. 

The apex court has issued a notice to all the parties in the appeal filed by Torrent, now the court has allowed the lenders to conduct a second challenge mechanism. 

While the second e-auction of Reliance Capital is going through a roadblock with the Hinduja Group in order to withdraw its enhanced offer. The torrent group is unlikely to participate in the offer due to a lack of clarity. 

The Hinduja group has informed the bidders about its intention to take away its post-auction revised bids of Rs 9,000 crore.