Torrent Group emerges highest bidder in phase 1 of Reliance Capital auction

In the first phase of auction of debt-ridden Reliance Capital, Torrent Group has emerged as the highest bidder.

The Ahmedabad-based group put in a bid of Rs 8,640 crore to acquire Anil Ambani group’s NBFC entity, reports said on Wednesday.

The second highest bidder was Hinduja Group. Oaktree, which was also in the race, did not take part in the first phase. The Cosmea Piramal consortium had already opted out of the bidding process.

Reliance Capital is the third large NBFC against which RBI has initiated bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The other two were Srei Group NBFC and Dewan Housing Finance Corporation (DHFL).

The floor value for the auction was fixed at Rs 6,500 crore by the Committee of Creditors (CoC). According to sources, the increments in the auction process for the second and third ..