Reliance Naval lenders staring at 95% haircut

Mumbai: The lenders of Reliance Naval and Engineering Ltd. (RNEL) are staring at a haircut of around 95 per cent, as all the three bidders have submitted exorbitantly low bids for the company.

At a Committee of Creditors (COC) meeting held Wednesday, all the three bids were valued by the two independent valuers and presented to the COC. The independent valuers have found all the bids legally complaint with the NCLT norms. Three companies i.e. Hazel Mercantile of Veritas Group, JSPL of Naveen Jindal Group, and a consortium of GMS -Dubai and Besiktas Shipyard - Turkey have submitted bids for Reliance Naval.

According to the banking sources privy to the development, the value of Hazel Mercantile's bid is Rs 730 crore, while JSPL has submitted a bid of around Rs 340 crore.