BENGALURU, Dec 2 (Reuters) – The highest bid India’s Reliance Capital (RLCP.NS), which is undergoing insolvency proceedings, received was 60% below its aggregate liquidation value, the Anil Ambani-led company’s administrator has let its lenders know, the Economic Times reported on Friday.
The Reserve Bank of India superseded the board of Reliance Capital last year, saying it would initiate bankruptcy proceedings against the firm after auditors raised several red flags around its results, including a lack of clarity in its accounting methodology.
The firm has since failed to make several debt and interest payments on debentures.
If the bidders fail to significantly raise their offers, there is a risk of liquidation or piecemeal selling of …
Read the full article at: https://www.reuters.com/business/finance/best-offer-reliance-capital-60-below-aggregate-liquidation-value-et-2022-12-02/