: SBI Life and Apollo join the race for RCap assets (Ld) #IndiaNEWS #Business New Delhi, Dec 22 | Reliance Capitals (RCAP) expression of interest (EOI) for asset monetisation garnered mega response

SBI Life and Apollo join the race for RCap assets (Ld) #IndiaNEWS #Business
New Delhi, Dec 22 | Reliance Capitals (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 70 bids being received. SBI Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capitals assets, taking the total number of bids to 70.
December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17.
Over eight bidders have bid for entire RCAP assets on as-is-where-is basis. The prominent among them are Oaktree, J. C. Flower and multiple ARCs.
For Reliance General Insurance, which is owned 100 per cent by RCAP, there are 18 bidders and prominent among them are, Chryscap, J. C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital.
For Reliance Nippon Life Insurance, in which RCAP owns 51 per cent controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and Multiples Asset Management among others.
For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs.
For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs.
For Reliance Health, there are eight bidders Blackstone, Bain Capital, Arpwood Partners, and other ARCs.
There are also multiple bidders for RCAPs stake in ICEX and Paytm E-commerce business.
Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020.
The monetization process being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd which represents 93 per cent of total outstanding debt of Reliance Capital.
EOIs were invited for all or part of RCLs stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100 per cent stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is Rs 252 crore as of September 30, 2020. It is the 4th largest Private General Insurance Company with market share of 4. 5 per cent as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of Rs 12,315 crore as on September 30, 2020.
The company performed its best even during COVID times with Gross Direct Premium Income of Rs 4,501 crore during the first six months of FY20- 21.

Stock Market NEWS Best intraday tips Intraday Stocks below 100