Torrent Investments Will Not To Participate In Second Auction For Reliance Capital

Anil Amabni Company Reliance Capital: Reliance Capital, which is heavily in debt, is not taking the name of reducing the difficulties of the company. The big company has pulled back from the second round bid of Anil Ambani’s company. Torrent Investments has informed the lender banks that it is not ready to bid for Reliance Capital’s second round and will not participate in the second round of Reliance Capital’s auction.

With Torrent Investments backing out, Hinduja is the only bidder left, due to which the lender banks may face huge financial losses due to the sale of Reliance Capital. The second round of auction was brought with the aim of getting more funds. In such a situation, this plan of the lenders may fail.

Torrent Investment protested

There was opposition from Torrent Investment regarding the second round auction of Reliance Capital, regarding which the matter reached the Supreme Court and in the recent week the Supreme Court had allowed the second round auction.

Talk can be done on old offer

According to ET’s report, Torrent Investments wants to opt out of the second round of auction, due to which they will not participate in it. The company has informed the committee of creditors of Reliance Capital that they can still come in the auction, but for this they will have to agree on the old bid only. Torrent Investments had made a bid of Rs 8,640 crore during the first auction.

What are the creditors considering

The Committee of Creditors cannot agree on this offer of Torrent Investments. It has been said in the report that this will also be against the decision of the Supreme Court and there will be no hope of getting more funds if the old offer is accepted.

During the first round of auction, Torrent had offered to make an upfront payment of Rs 8,640 crore, while Hinduja has offered Rs 8,950 crore, including an upfront payment of Rs 8,110 crore.

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