Reliance Capital spurts ~5% as prominent buyers display interest

14 Mar 2022 , 02:41 PM

Reliance Capital Limited, an Indian diversified financial service holding company and a part of Reliance Anil Dhirubhai Ambani Group, jumped up to 4.7% in today’s trade as 14 prominent firms expressed interest to acquire the debt-ridden company. These buyers include large players such as Adani Finserve, Piramal Finance, KKR, and Poonawala Finance, among others.

Reliance Capital’s stock zoomed near 5% post this development and remained at the same level so far in the day. It is trading on the counter at Rs14.35, against its previous closing price of Rs13.70.

The company also extended the last debt for submission of bids for the debt-ridden firm to March 25, 2022, from the earlier March 11, 2022.

Reliance Capital Limited’s board was superseded by the Reserve Bank of India (RBI) last year on account of a breach of payments and governance by the company.

ArpWood, Varde Partners, Nippon Life, Multiples Fund, Oaktree, JC Flowers, Brookfield, Blackstone, Apollo Global, and Hero Fincorp are the other major companies that have submitted Expressions of Interest (EoI) for Reliance Capital.