JET SET GO TORRENT TORRENT
Torrent had quoted ₹4,500 crore, with an upfront payment of ₹1,100 crore and an NPV of ₹4,200 crore. A spate of changes in the bidding process had “significantly altered” the entire bidding process, the consortium had informed the administrator.Īt the time of submitting the binding bids, Hinduja had placed a ₹5,060-crore bid, which included an upfront payment of ₹4,100 crore, with an NPV offer of ₹4,800 crore. The Cosmea-Piramal consortium had pulled out of the race, saying the changes in the resolution process had made acquisition of the former Anil Ambani group company “unviable”. This had also prevented the CoC from extending the e-auction deadline. As per an earlier National Company Law Tribunal (NCLT) order, lenders have to complete RCap’s resolution process by January 31, 2023. The lenders had termed Oaktree’s demands as impractical and rejected them earlier. The global asset management firm had sought RCap’s financial results till December 31, 2022, and extending the e-auction date to January 31, 2023.Īlso Read: Cosmea-Piramal exits Reliance Capital bidding race Oaktree Capital, a bidder for RCap as a core investment company (CIC), had earlier hinted at exiting the ongoing resolution process after the CoC had turned down its requests for additional information.
“The CoC will shortlist the successful resolution applicant based on a number of factors, including the resolution plan that was submitted earlier, the deferred payment structure and the net present value (NPV) offered by the bidders, among others,” one of the sources said. While the exact amount of Hinduja’s bid could not be immediately ascertained, sources pegged it at about Rs 8,500 crore.įollowing the completion of the e-auction, RCap’s committee of creditors (CoC) will meet on Thursday to finalise the winner. The e-auction, which ended after three rounds on Wednesday, saw Hinduja’s bidding amount closer to that of Torrent’s, sources close to the development said.
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