NEW DELHI: Hinduja Group on Friday sweetened its offer for Reliance Capital(RCap) as it revised bid price to Rs 9,500 crore, of which Rs 8,800 crore would be paid upfront.
The group had earlier bid Rs 8,110 crore in the auction that was held on December 21, 2022. The other player left in the race – Torrent Group – is offering 60% lower cash of Rs 4,000 crore in its total bid of Rs 8,640 crore.
The rest 55% bid price is being offered at zero interest to the lenders of RCap as deferred payment to be paid in three equal instalments in 3rd, 4th and 5th year. Sources said RCap lenders led by LIC and EPFO with 35% voting rights are in support of an upfront cash bid. The lenders will take a call on voting on both the plans in their meeting on December 26, where advisors of Committee of Creditors – KPMG -- and the RBI appointed Administrator’s advisors Deloitte will present their final analysis.