A Hinduja Gathering element, a sole bidder for Dependence Capital at the sale on Wednesday offered Rs 9,650 crore for Dependence Capital in the subsequent round, up from Rs 9,510 crore in the primary round.
Hinduja the biggest bidder
According to media reports, Hinduja Group firm IndusInd International Holdings, the auction’s single bidder for Reliance Capital on Wednesday, offered Rs 9,650 crore in the second round, up from Rs 9,510 crore in the first round. As a consequence, Reliance Capital’s stock increased 3% in Thursday trading.
The Economic Times reported that there were no counteroffers and that the auction process was over. According to the report, Hinduja’s offer was $1,000 more than Torrent Investments’ first-round offer in December. The bankruptcy process included the auction.
Following the turn of events, the stock rose 2.82 percent to hit a high of Rs 9.10 on BSE. This year, the scrip has lost 45% of its value, and over the past five years. It has lost 97.88% of its value. Individuals who possess less than Rs 2 lakh worth of Reliance Capital shares own 60.34 percent of the company.
Torrent Investments and Oaktree Capital, which had previously indicated that they would participate in the process, did not submit any bids, according to the ET report. The limit for cooperation in the closeout was kept at Rs 9,500 crore, with Rs 8,000 crore as forthright money, the report recommended.
With a bid of Rs 8,640 crore, Torrent Investments won the first auction in December, followed by Hinduja Group with a bid of Rs 8,110 crore. In the span of 24 hours, Hinduja offered a reexamined bid of Rs 9,000 crore, which was then tested by Downpour under the watchful eye of the Public Organization Regulation Court (NCLT).
