Meanwhile, Torrent Investments and Oaktree Capital, both of which had previously stated their intention to participate in the process, did not submit any bids. IndusInd International Holdings, a Hinduja Group business, was allegedly the sole bidder for Reliance Capital during the auction held on Wednesday as part of its bankruptcy procedures. In the first phase, the group reportedly offered Rs 9,510 crore, which was increased to Rs 9,650 crore in the second round.
According to The Economic Times, the auction procedure was terminated since there were no counteroffers. Hinduja’s bid was Rs 1,000 higher than Torrent Investments’ initial offer in December.
Meanwhile, Torrent Investments and Oaktree Capital, both of which had previously stated their intention to participate in the process, did not submit any bids. According to a source close to the situation, Torrent took part in the mock auction exercise and pre-auction discussions but did not end up putting in a bid.
The participation barrier in the auction was fixed at Rs 9,500 crore, with Rs 8,000 crore as upfront cash.
Lenders had informed the competitors that they would only negotiate an enhanced offer with the highest bidder, which in this case was the Hinduja company.
Torrent Investments submitted the highest offer of Rs 8,640 crore in the first auction, held in December, followed by Hinduja Group at Rs 8,110 crore. Within 24 hours, Hinduja submitted a new bid of Rs 9,000 crore, which Torrent disputed in the National Company Law Tribunal (NCLT).
