SBI Life, Apollo join race for RCap assets
New Delhi: Reliance Capital's expression of interest (EoI) for asset monetisation garnered mega response with 70 bids being received. SBI Life and Apollo are among the 10 new bidders who have submitted EoIs for Reliance Capital's assets, taking the total number of bids to 70. December 1, 2020, was earlier the deadline for the submission of EoIs.
Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later, the date for submitting the bids was extended to December 17. Over eight bidders have bid for the entire RCap assets on as-is-where-is basis.
Reliance Capital asset monetisation process, to unlock value of its underlying businesses and to make RCap debt-free, was launched on October 31, 2020. The monetisation process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Limited, which represents 93 per cent of the total outstanding debt of Reliance Capital. (IANS)