Page 3 - Reliance Capital

Nippon Life-Birla Sun Life merger talks fail ahead of RCap deal deadline

Sources say Nippon Life of Japan not keen on diluting its holding in Reliance Nippon Life Insurance Company to less than 10%--something that the merger will bring about

RCap swings to black with Q2 net of Rs 215 cr, income grows to Rs 6,046 cr

Reliance Capital (RCap), which is undergoing insolvency process, on Friday swung back to the black and posted a consolidated net profit of Rs 215.23 crore for the quarter ended September 2022. The non-banking finance company had posted a consolidated net loss of Rs 1,115.56 crore in the year ago quarter ended September 2021. Also, there was a net loss of Rs 491.40 crore in the preceding quarter ended June 2022. The profit before tax stood at Rs 289.74 crore for the reported quarter, while there was a loss before tax of Rs 1,114.52 crore in the year-ago quarter. However, for the half year from April-September period of the current fiscal, the debt-ridden company remained in the red with net loss of Rs 276.17 crore. But the loss was trimmed against Rs 2,161.80 crore registered in the first half of 2021-22. The company had posted a net loss of Rs 8,054.74 crore in fiscal ended March 2022. The company's total income during July-September quarter of this fiscal year grew to Rs 6,046.65

Reliance Capital CoC remain divided on 'Challenge Mechanism' process

Notably, KPMG, who is the COC advisor, and Luthra & Luthra, who is the legal advisor to the COC had proposed multiple options on the Challenge Mechanism

Reliance Capital lenders to meet on Friday to decide on Challenge Mechanism

Lenders of debt-ridden Reliance Capital Ltd (RCL) will meet on Friday to decide on the newly introduced 'Challenge Mechanism' clause in the resolution process, sources said. The 'Challenge Mechanism' gives lenders the power to oppose any resolution plan as and when they want. Some bidders have raised concerns with the Administrator about the introduction of this new clause at this late stage of the bidding process, sources said, adding there was no mention of this mechanism in the Request for Resolution Plan (RFRP) document. These bidders have argued that there was no such clause in the bidding process of DHFL, which was the largest resolution done through NCLT in the financial services sector, for over Rs 95,000 crore worth of debt, the sources added. The last date for submitting binding bids for Reliance Capital Ltd (RCL) and its subsidiaries is November 28. RCL had offered two options to all the bidders. Under the first option, companies could bid for Reliance Capital Ltd, ...

Reliance Cap bidders raise issues with Rs 20,000 cr financial implication

Suitors of debt-ridden Reliance Capital Ltd (RCL) have flagged off various legal issues with cumulative financial implication of Rs 20,000 crore to the lenders and administrator as the deadline for submission for binding bid is approaching. The last date for submitting binding bids for Reliance Capital and its subsidiaries is November 28. Bidders -- including Hinduja, Torrent, Zurich, and Piramal -- have raised concerns, asking the administrator for early resolution of these liabilities, sources said. The bidders are likely to make a condition precedent of these issues to any payment to the lenders, they added. The two main issues flagged off by the bidders are the impending resolution of Reliance Home Finance Ltd (RHFL) and the legal battle between the administrator and IDBI Trusteeship for the control of Reliance General Insurance's shares, which is pending in the National Company Law Tribunal (NCLT), the sources said. Authum Investment and Infrastructure Ltd had been selected a

Concerns over bidding process as Reliance Cap resolution enters final stage

Suitors have raised concerns over the bidding process, including the introduction of 'challenge mechanism', as the resolution process of debt-ridden Reliance Capital Ltd (RCL) enters the final stage. According to sources, the decision of the Committee of Creditors (CoC) to introduce a new clause 'Challenge Mechanism' in the bidding process has upset the bidders. The 'Challenge Mechanism' gives lenders the power to oppose any resolution plan as and when they want. Bidders have raised concerns about the introduction of this new clause at this late stage of the bidding process, sources said, adding there was no mention of this mechanism in the Request for Resolution Plan (RFRP) document. RCL had offered two options to all the bidders. Under the first option, companies could bid for Reliance Capital Ltd (RCL), including its eight subsidiaries or clusters. The second option gave the company freedom to bid for its subsidiaries, individually or in a combination. RCL has eight businesses

Loans to arms had Rs 1,755-crore impact on Reliance Capital in FY20: Audit

Nageswara Rao Y is the administrator of Reliance Capital

NCLT extends Reliance Capital debt resolution deadline to January

This is the third deadline extension as the lenders seek better offers from the bidders

Torrent group to make Rs 2,900-cr bid for Reliance Nippon Life Insurance

Reliance Capital is undergoing a bankruptcy process and the administrator had sought offers for the entire company and for its various business clusters

Dish TV, Nelco, NDTV, Reliance Capital and 242 others freeze upper circuit

As of 12.14 pm, these stocks gained between 5 per cent and 20 per cent, as against 0.85 per cent decline in the Sensex at 59,032 points.

Financial bids for Reliance Capital to be submitted on Mon as deadline ends

The bidders for Reliance Capital assets have to submit their financial bids by August 29 (Monday), as the final deadline for the submission of bids ends tomorrow

Reliance Capital posts Rs 491 cr loss in Q1; total income falls 19%

Total expenses in Q1FY23 stood at Rs 4,067.53 crore as against Rs 5,261.14 crore in the year-ago period

Lenders extend deadline for resolution plan on Reliance Cap for 5th time

Lenders to Reliance Capital Ltd on Wednesday granted the fifth extension of deadline for submission of resolution plans as bidders sought more time to complete the due diligence process, sources said.

CFM ARC sells JBF Industries assets to Reliance Industries entity

RIL was the lone bidder for the company with a Rs 825-crore offer as against the dues of Rs 2,100 crore of banks

RCap lenders hive off home finance, NBFC into separate trust for resolution

The proceeds of the sale of these two companies in future will flow directly to the lenders of the Reliance Capital which is currently undergoing a bankruptcy process

CoC members, bidders must be barred from buying RCap bonds held by LIC: NGO

They are "insiders" and have access to crucial information, says Infrastructure Watchdog; meanwhile, last date if bond sale to be extended to July 22 as LIC finds no takers

LIC finds no takers among ARCs for Rs 3,400-crore Reliance Capital bonds

Multiple sources said ARCs did not find the option to buy bonds of the bankrupt firm attractive and decided to give it a miss

Lenders extends timeline for Reliance Capital resolution by 2 months to Nov

According to the sources, the timelines for resolution process completion and resolution plan submission have been extended due to the cold response from the bidders

Tatas exit race to buy Reliance Capital's general insurance arm

Group only interested in general insurance, but lenders want firms to bid for entire cluster of companies

Piramal Group not eligible to acquire Reliance Capital, says Irdai

Group has promoter stake in Pramerica Life Insurance