The deadline to submit expressions of interest (EoIs) for Reliance Capital’s assets has been extended to 17 December, the company said in a regulatory filing on 7 December.
“…we hereby inform that the committee of debenture holders has decided to extend the last date for submission of Expression of Interest to 17 December 2020,” it said.
According to a person aware of the development, the deadline has been extended because there were some interested parties who were following the process very closely but could not submit an EoI by 1 December, the earlier deadline.
The asset monetization process is being managed by SBI Capitals Markets (SBI Caps) and JM Financial Services. The asset sale was initiated by the committee of debenture holders of Reliance Capital, represented by Vistra ITCL.
Investors such as Blackstone, Bain Capital and ChrysCapital and a few others have submitted EoIs for Reliance General Insurance, while in the case of Reliance Nippon Life Insurance, where Reliance Capital’s 51% stake is on sale, investors who have shown interest at the EoI stage include Multiples Alternate Asset Management and Bain Capital, among others, including the holding company of private sector bank.
The company has been looking to monetize its assets in order to repay debt and said on 27 November that it has defaulted in interest payments of ₹5.48 crore to Housing Development Finance Corporation (HDFC) and Axis Bank. The principal from HDFC Ltd is ₹523.98 crore and from Axis Bank is ₹100.63 crore. Its total financial indebtedness, including short-term and long-term debt stood at Rs. 20,077.14 crore which includes accrued interest up to 31 October.
This article was first published on livemint.com.