India: Reliance Capital suitors can submit EoIs till Dec 17

Reliance Asset Management will soon be renamed Reliance Nippon Life Asset Management, subject to approvals from relevant authorities. Photo: Abhijit Bhatlekar/Mint

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.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.