RCF selects Authum as successful bidder

The lenders of the Reliance Commercial Finance (RCF) have approved the resolution plan for the company and have selected Authum Investment and Infrastructure Ltd as the successful bidder, Reliance Capital said on Monday.

Authum is expected to take over RCF for about Rs 1,600 crore. Reliance Commercial Finance a company of debt-ridden Anil Ambani-promoted Reliance Group is a fully-owned subsidiary of Reliance Capital Ltd. The board of directors of RCF have taken note of the resolution plan approved by the lenders, forming part of the inter-creditor agreement (ICA lenders) under RBI's prudential framework for resolution of stressed assets, Reliance Capital said in a regulatory filing.