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Four bidders in final race to acquire Reliance Home Finance

Two US-based funds Avenue Capital/ARCIL and Aries SSG/ACRE have placed their bids to acquire RHFL as a Company.

Four bidders in final race to acquire Reliance Home Finance
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Four bidders in final race to acquire Reliance Home Finance

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Mumbai, Jan 28 Two US-based funds Avenue Capital/ARCIL and Aries SSG/ACRE have placed their bids to acquire RHFL as a Company.

Banking sources added that Capri Global and Kotak Special Situation Fund have bid for retail assets.

Lenders are supporting for a full solution by selling the entire company.

It is believed that Capri Global is the highest bidder for the retail assets of RHFL.

However, lenders are skeptical on Capri Global being able to pass the "fit and proper" test due to the alleged criminal background of its promoter Rajesh Sharma.

Sharma was arrested by CBI for the bribe-for-loanscandal.

CBI registered five cases against Sharma, who was allegedly co-conspirator and abettor in the bribery scandal, having nexus with high ranking officials in public sector banks and financial institutions and paying bribes to them for sanctioning loans in favour of his client companies.

Rajesh Sharma also allegedly entered into criminal conspiracy with officers of various banks for recommending his name to the companies for obtaining huge pecuniary advantage

Rajesh Sharma was charged for committing the offences under sections 120B of the Indian Penal Code, Section 7, 12, 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 and under sub-section (5) of Section 5 of the Prevention of Money Laundering Act, 2002.

The RHF has cash on hand of Rs 1,500 crore. Its total debt is of Rs 11,000 crore.

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