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Torrent To Not Participate In Reliance Capital Extended Auction: Report
According to the report, Torrent believes that pursuing the auction would hurt the lenders’ effort to maximise returns as Hinduja Group would be the only bidder with no challengers
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Torrent Investments on Friday told Reliance Capital lenders that it would not be interested in the extended auction of the company, according to a report by leading media house.
According to the report, Torrent believes that pursuing the auction would hurt the lenders’ effort to maximise returns as Hinduja Group would be the only bidder with no challengers.
The Supreme Court had permitted the committee of creditors (CoC) of Reliance Capital to proceed with extended auction. This move was opposed by Torrent.
The whole Reliance Capital dispute began when a bid from Hinduja Group was submitted 24 hours after the stipulated 21 December 2022 deadline. This offer had undermined the bid by Torrent Investments which was lower but submitted within the deadline.
Torrent had bid Rs 8,649 crore while Hinduja entity offered Rs 8,950 crore, including Rs 8,110 crore in upfront payment.