On Monday, Reliance Home Finance’s (RHF) board of directors took note of a resolution plan approved by lenders under the Reserve Bank of India’s (RBI) prudential framework for stressed asset resolution. Additionally, the board appointed a committee to pursue the matter further.
After several rounds of negotiations between bidders and lenders, lenders selected Authum Investment and Infrastructure Ltd as the successful bidder to acquire all of RHF’s assets.
Authum reportedly submitted a bid to financial creditors for Rs 2,911 crore (which includes Rs 24 crore in deferred interest).
The inter-creditor lenders, led by Bank of Baroda, had received initial expressions of interest from over 15 bidders, from which four binding bids were shortlisted and the successful bidder selected.
“The successful bidder’s resolution plan is subject to approval by intercreditor lenders, shareholders, and regulatory authorities, as well as the cancellation of existing legal injunctions against the company,” RHF stated in a statement.
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