Authum Investment likely winner for Reliance Commercial Finance

2 weeks ago 7
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The Alpana Dangi-promoted Authum Investment is successful the concern of investing successful shares and securities. The company, which has a nett worthy of implicit Rs 2,400 crore, is besides engaged successful financing activities, according to its website.

After the solution of RCF, genitor steadfast Reliance Capital whitethorn trim full indebtedness of Rs 9,000 crore from its books, sources said.

By Ankur Mishra

Lenders to Reliance Commercial Finance (RCF) are understood to person voted successful favour of Mumbai-based NBFC Authum Investment and Infrastructure’s bid, sources adjacent to the improvement told FE. Authum’s Rs 1,585-crore bid implies astir 20% betterment for fiscal creditors connected a full vulnerability of Rs 7,688 crore. This is the 2nd Anil Ambani radical steadfast which is apt to beryllium acquired by Authum Investment and Infrastructure aft lenders successful June declared the NBFC victor for acquiring Reliance Home Finance.

The Alpana Dangi-promoted Authum Investment is successful the concern of investing successful shares and securities. The company, which has a nett worthy of implicit Rs 2,400 crore, is besides engaged successful financing activities, according to its website.

After the solution of RCF, genitor steadfast Reliance Capital whitethorn trim full indebtedness of Rs 9,000 crore from its books, sources said.

The lenders had earlier extended the inter-creditor statement (ICA) for RCF till July 31, 2021 for resolution. According to June 7 circular of the Reserve Bank of India, lenders request to widen the clip play of the pact if an relationship has not been resolved wrong 180 days of signing of the ICA. The lenders had signed the ICA to resoluteness Reliance Commercial Finance successful July 2019.

According to the website of RCFL, it has been re-branded arsenic Reliance Money, and has assets nether absorption worthy Rs 11,000 crore. The institution is simply a 100% subsidiary of Reliance Capital. RCFL offers fiscal products, including tiny and mean endeavor loans, loans against property, infra financing, agriculture loans and proviso concatenation financing.

The nett nonaccomplishment of Reliance Commercial Finance widened to Rs 1,417 crore during the March quarter, compared with Rs 852 crore successful the corresponding 4th past year. The full income declined 12% year-on-year to Rs 293 crore.

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