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Best offer 60% below liquidation value, RCap lenders told
The administrator at Anil Ambani-owned Reliance Capital has told lenders that the highest bid received for the insolvent financial services company is 60% below its aggregate liquidation value, making it imperative to seek improved plans from bidders, two people aware of the development told ET.Sources said that if the bidders do not significantly raise their offers, there is a risk of liquidation or piecemeal sale of assets as a going concern - something the creditors want to avoid. Cosmea would acquire the remaining units for ₹1,481 crore. Sam Ghosh, founder-promoter of Cosmea Financial Holdings, headed Reliance Capital for almost nine years until 2017. Torrent Investments offered ₹4,500 crore, of which ₹1,100 crore is upfront and ₹3,400 crore is over five years. These include insurance, broking and asset reconstruction. Source - Economic Times
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