Under the insolvency process, Authum Investment has been selected as the largest bidder of Reliance Home Finance. Autham has introduced a plan of Rs 2900 crore.
The tax burden on Reliance Capital will be reduced by Rs 11,200 crore.
Reliance Home Finance: Authum Investment and Infrastructure Limited (Authum Investment) has introduced a plan of Rs 2,900 crore for Reliance Home Finance being sold under the insolvency resolution process. She is the highest bidder in the process. RHFL is a tax burdened Anil Ambani group company.
Sources said that if the scheme of Autham is implemented, then banks and financial institutions giving loans to the company under the leadership of Bank of Baroda will get Rs 2,587 crore in the beginning and Rs 300 crore within a year. According to sources, the proposal of Autham has got more acceptance than other proposals in the voting among financial lenders. Voting on the proposals took place from May 31 to June 19. It was attended by 91 percent of lenders by value.
Authentic proposal more easy and stakeholder
According to sources, the proposal of Non-Banking Financial Company (NBFC) Autom is considered to be easier from the point of view of compliance and best from the point of view of all stakeholders. Sources said that the approval of some lenders is still pending on this. ARES SSG, Asset Care & Reconstruction Enterprises Ltd., Avenue Capital are also in the race for RHFL. Avenue has included ARCIL and Capri Global Capital in its proposal.
The debt burden on Reliance Capital will be reduced by 25 percent
The insolvency resolution of this company will reduce the tax burden on the group’s financial company Reliance Capital by Rs 11,200 crore. On completion of this deal, the share of Reliance Capital will decrease by 25 percent.
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