Page 3 - Reliance Captial

Muted response to RCAP bid process as only 5 companies submit bid

The final round of Reliance Capital's bidding process has received a poor response from the bidders as the big players like Adani and Tata have not bid for the company or its multiple subsidiaries

Swiss Challenge process on LIC's RCap debt sale fails to get rival bid

Final bids for Reliance Capital expected on Monday

Battle for Reliance Nippon Life Insurance: Nippon top brass to visit India

The race for acquisition of Reliance Capital's 51 per cent stake in Reliance Nippon Life Insurance Co (RNLIC) is intensifying, with the top brass of the Japanese partner in the joint venture likely to visit India this week to flag its concerns with the ongoing resolution process under insolvency laws, sources said. Japan's Nippon Life, which holds 49 per cent stake in RNLIC, is opposed to the entry of Aditya Birla Sun Life in the race to acquire Reliance Capital's stake in RNLIC. Sources with knowledge of the matter said Nippon Life's Global President Hiroshi Shimizu along with Minoru Kimura, managing executive officer and head of global business, Nippon Life Insurance, and Tomohiro Yao, regional CEO, Nippon Life Asia Pacific and Director, RNLIC, are likely to visit Mumbai on Monday. Shimizu and his team may meet senior officials of the Reserve Bank of India (RBI) and other stakeholders, and apprise them of their position with regard to their investment in RNLIC and their long-term

Aditya Birla Capital to seek regulator role in RCap resolution process

Warns it will seek intervention if RCap's Administrator ignores its demand for additional info on the company

USA's Advent may leave race for Reliance Capital general insurance arm

PE firm previously submitted the highest non-binding bid for the business

Aditya Birla Group, Nippon Life in talks to merge Indian life insurance JVs

The talks were initiated after a court-appointed administrator of Reliance Capital put the 51% stake in Reliance Nippon Life on sale

K V Kamath is independent director of RIL, non-exec head of financial arm

Reliance Strategic Investments, of which he is the non-executive chairman, will be renamed Jio Financial Services Ltd, and will be listed on the bourses pursuant to a demerger scheme

RCapital lenders meet ends in stalemate over key challenge mechanism issue

CoC decides that all bidders, while submitting their resolution plans, will agree in writing to participate in the Challenge Mechanism in whatever form it is implemented by the lenders later

Reliance Capital binding bids submission deadline extended to November 20

Reliance Capital Committee of Creditors (COC) has decided to extend the date of submitting the binding bids from October 31 to November 20

Administrator seeks RBI nod to restructure Reliance Capital into four CICs

Will help bidders for its insurance business to avoid Irdai's 5-year lock-in

NCLT extends Reliance Capital debt resolution deadline to January

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

NCLT extends Reliance Capital resolution process deadline to Jan 31

The National Company Law Tribunal (NCLT) has for the third time extended the deadline for debt-ridden Reliance Capital's resolution process to January 31. The earlier deadline was November 1, 2022. This is the third extension as the timeline has been extended twice in the past, sources said. As per the Insolvency and Bankruptcy Code (IBC) rules, the administrator had to originally close the resolution of RCL within 180 days, by June 3, 2022. Earlier, the lenders of Reliance Capital had given an extension of 30 days to the bidders for submission of binding bids, along with an EMD of Rs 75 crore, by October 31. The bidders were not happy with this 30 days extension as most of them had sought an extension by 2-4 months. Reliance Capital had received 14 non-binding bids for its multiple businesses. Six companies had submitted bids for the entire company, while the rest of the bidders had submitted bids for its multiple subsidiaries. Two options are available for the bidders. The fir

Aditya Birla Capital joins race to acquire life insurer Reliance Nippon

Reliance Capital holds 51 per cent stake in RNLIC and Nippon Life of Japan the rest

Piramal, Zurich Insurance to bid jointly for Reliance General Insurance

Administrator pegs general insurance arm valuation at Rs 9,450 crore

Withdraw confidentiality breach allegations: IDBI Trustee asks Rel Capital

IDBI Trusteeship Services has asked the administrator of Reliance Capital, Nageswara Rao Y to withdraw the allegations of breach of confidentiality

Tatas to invest $90 bn in India in 5 years; focus on new industries

The investment by the Tata group is a shift in its strategy to focus more in the home markets instead of international markets where the group lost money

Reliance Capital bidders seek more time from lenders to make final offers

Banking sources said Piramal group has sought 12 weeks' extension, while PE major Advent wants time till Jan-end 2023, citing delays in completing due diligence

Lenders review resolution process of debt-ridden Reliance Capital

The Committee of Creditors (CoC) on Wednesday reviewed the resolution process of the debt-ridden Reliance Capital, for which the bidding process closed on August 29. IndusInd Bank, US-based asset management firm Oaktree Capital, and Torrent Group are among six bidders to acquire Reliance Capital. The 18th meeting of the CoC of the company was duly convened and conducted on Thursday in Mumbai, Reliance Capital said in a regulatory filing. During the meeting, it said, "the Administrator of the company appraised the Committee of Creditors, inter alia, about the update on the status of claims, the status of corporate insolvency resolution process (CIRP) process, going concern operations of the company and the way forward in terms of the activities/milestones as stipulated under the Insolvency and Bankruptcy Code". The Reserve Bank of India (RBI) on November 29 last year superseded the board of RCL in view of payment defaults and serious governance issues. The RBI appointed Nageswara R

Reliance Capital hits fifth straight upper limit, soars 27% in one week

The stock was locked in upper circuit for the fifth straight day, up 5 per cent at Rs 17.93 on the BSE in Wednesday's trade in an otherwise weak market.

TMS Ep250: India's Q1 GDP, RCap insolvency, IPOs in 2022, Floor Area Ratio

India's Q1 GDP grows at 13.5%: What does it mean? Will creditors lose out in RCap resolution? How long before the primary market revs up? What is Floor Area Ratio? All answers here