The lenders of Reliance Commercial Finance (RCFL) have approved the resolution plan of the company. Autham is expected to acquire RCF for around Rs 1,600 crore.
Anil Ambani
Lenders of Reliance Commercial Finance (RCFL) have approved the resolution plan of the company and have selected Authum Investment and Infrastructure Limited (Authum Investment and Infrastructure) as the successful bidder. Reliance Capital gave this information on Monday. Autham is expected to acquire RCF for around Rs 1,600 crore.
RCF is a wholly owned subsidiary of Reliance Capital Limited, a Reliance Group company promoted by debt-ridden Anil Ambani. Reliance Capital told the stock exchange that lenders selected Authm Investments as the successful bidder to acquire the company through a competitive process. The process was completed after several rounds of talks between the lenders and the bidders.
There will be a reduction of 9000 crores in debt
As a result of this deal, the total debt of Reliance Capital will come down by more than Rs 9,000 crore. RCFL offers a wide range of products including Loan Against Property, MSME/SME Loan, Infrastructure Financing, Education Loan and Micro Financing.
Listed company is Authum
Authum is a listed domestic non-banking finance company. The company has been operating for about 15 years and as on 30 June 2021, its net worth was Rs 2,360 crore. Authum is currently managed by a team of professionals with significant investment experience in domestic, public and private equities.
Autham’s investment strategy is long-term value creation through investments in listed companies, providing growth capital to non-listed companies, acquisition of financial assets, real estate investments and debt investments. In addition, the proposed acquisition of Reliance Commercial Finance will strengthen the company’s business portfolio. This will enable the NBFC sector to develop a platform across multiple financial products and services.
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