Piramal Enterprises and Cosmea Financial Holdings are the highest bidders in the race to acquire Reliance Capital (RCap) in bankruptcy. The two companies have jointly bid Rs 5,231 crore for RCap and its units.
According to sources, bidders include Hinduja Group, Ahmedabad-based Torrent Group, Oaktree and UV Asset Reconstruction Group. There were no individual bids for stakes in Reliance Life and General Insurance and they were at the holding company level.
In the combined offer of Piramal and Cosmea, Piramal is offering to acquire Reliance General Insurance and a wholly owned subsidiary of Reliance Capital for Rs 3750 crore. Cosmea offered to acquire Reliance Capital and its units for Rs 1,481 crore.
Reliance Nippon Life Insurance did not receive any offer for Reliance Capital’s 51% stake. 49% of the company is owned by Nippon Life. Whoever wins the bid will have to negotiate with Nippon Insurance, the joint venture partner in Reliance Life Insurance.
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