Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>In a regulatory filing on Tuesday, <keyword id="39881" type="COMPANY" weightage="20" keywordseo="HDIL">HDIL</keyword> said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and <keyword id="1726468" type="PERSON" weightage="20" keywordseo="Harsha-Vardhan-Reddy">Harsha Vardhan Reddy</keyword> were found to be ineligible. </li><li>The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31.</li><li>Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. </li></ul> Adani Properties, <keyword id="221687" type="DOMAIN" weightage="20" keywordseo="Sunteck-Realty">Sunteck Realty</keyword> and <keyword id="9697928" type="COMPANY" weightage="20" keywordseo="suraksha-asset-reconstruction-ltd">Suraksha Asset Reconstruction Ltd</keyword> are among the companies which have submitted Expressions of Interest (EoI) to acquire the insolvent Housing Development and Infrastructure Limited (HDIL). In a regulatory filing on Tuesday, HDIL said that bids of the three companies have been found eligible while, that of three other interested parties -- International Asset Reconstruction Company Pvt Ltd, NS Software and Harsha Vardhan Reddy were found to be ineligible. "The Resolution Professional has received 6 (Six) EOI from interested parties," it said. The invitation for EOI was first published in February and subsequently revised five times till July. Submission of EOI was closed on July 31. Any objection to inclusion or exclusion of a prospective resolution applicant in the provisional list may be made with supporting documents within five days from the date of issue of the provisional list, by August 8. "After considering the objections, if any, received by the Resolution Professional, final list of Prospective Resolution Applicants (PRAs) will be published. The final list will also be uploaded on the website of the HDIL," it said. HDIL is under Corporate Insolvency Resolution Process pursuant to the provisions of the Insolvency and Bankruptcy Code, 2016. Its affairs, business and assets are being managed by the Resolution Professional, Abhay N. Manudhane appointed by <keyword id="6354457" type="ORGANIZATION" weightage="20" keywordseo="National-Company-Law-Tribunal">National Company Law Tribunal</keyword>, <keyword id="7469048" type="PERSON" weightage="20" keywordseo="mumbai-bench">Mumbai Bench</keyword>. Shares of HDIL on the BSE surged on the development. Currently, its shares on the BSE are at Rs 3.16, higher by 4.98 per cent from its previous close. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zerodha-valued-itself-at-1-billion-hurun-unicorn-startups-list-bumps-it-up-to-3-billion-but-founder-says-valuation-doesnt-matter/articleshow/77347721.cms">Zerodha valued itself at $1 billion, Hurun unicorn startups list bumps it up to $3 billion but founder says valuation doesn't matter</a> <a href="https://www.businessinsider.in/business/corporates/news/tech-mahindra-wants-25-30-of-its-employees-working-from-home-permanently-by-june-2021/articleshow/77346959.cms">INTERVIEW: Tech Mahindra wants 25-30% of its employees working from home permanently by June 2021 — CFO explains how they got to that number</a>

Adani and Sunteck Realty show interest in acquiring HDIL

As many as 48 companies, including Reliance Retail, Jindal Power Ltd and Adani Group, are on the final list of eligible prospective resolution applicants for acquiring debt-ridden Future Retail Ltd. The <keyword id="17234676" type="General" weightage="50" keywordseo="resolution-professional-of-future-retail-ltd" source="Orion">Resolution Professional of Future Retail Ltd</keyword> (<keyword id="658389" type="General" weightage="80" keywordseo="frl" source="Orion">FRL</keyword>), which is currently going through an insolvency resolution process, on Monday came out with the final list of 'Eligible Prospective Resolution Applicants'. On April 10, FRL's RP updated a list of 49 companies, which had submitted Expressions of Interest (EoIs) after the company's lenders decided to invite fresh bids after dividing its assets into clusters. Some of the other players who had submitted EoIs include <keyword id="17234674" type="General" weightage="50" keywordseo="whsmith-travel-ltd" source="Orion">WHSmith Travel Ltd</keyword>, Sahara Enterprises, Century Copper Corp, Greentech worldwide, <keyword id="1726468" type="General" weightage="50" keywordseo="harsha-vardhan-reddy" source="Orion">Harsha Vardhan Reddy</keyword>, J C Flowers Asset Reconstruction Pvt Ltd, Pinnacle Air Pvt Ltd and <keyword id="17234675" type="General" weightage="50" keywordseo="universal-associates" source="Orion">Universal Associates</keyword>. Except for Bommidala Enterprises, an Andhra Pradesh-based manufacturer of tobacco products, all companies have been included in the final list. Bommidala Enterprises indicated that it will not be submitting a resolution plan. Earlier this month, the Mumbai-based NCLT bench granted FRL an extension of 90 days till July 15, 2023, for concluding the Corporate Insolvency Resolution Process (CIRP). On March 23, 2023, creditors of FRL invited new EoIs whereby prospective buyers can bid for the debt-ridden firm "as a going concern or individual cluster or a combination of clusters of its assets", as it failed to attract a resolution plan in more than four months. Earlier, it had received EoIs and finalised 11 prospective bidders, including Reliance and <keyword id="15486694" type="General" weightage="50" keywordseo="april-moon-retail" source="Orion">April Moon Retail</keyword>, but could not get a resolution plan despite two extensions in the deadline for submissions. The Committee of Creditors had provided two options in the EoI, for which the last date for submission was April 7, 2023. In the first option, the Prospective Resolution Applicant (PRA) could bid for the acquisition of FRL as a whole, including its shareholding interest in the subsidiaries. Under the second option, FRL's business has been distributed into five clusters and PRAs can bid for "any individual cluster or any combination of clusters". "Having regard to the complexity and scale of operations of FRL, the resolution professional has, in consultation with and prior approval of the <keyword id="230701" type="General" weightage="50" keywordseo="coc" source="Orion">CoC</keyword> of FRL, categorised the business of the corporate debtor in five clusters," as per the new EoI. CIRP was initiated against FRL by its lender Bank of India following loan defaults. Under the Insolvency &amp; Bankruptcy Code, EoI was invited from prospective bidders on October 4, 2022. FRL operated multiple retail formats in both the hypermarket supermarket and home segments under brands such as Big Bazaar, Easyday, and Foodhall. At its peak, FRL was operating more than 1,500 outlets in nearly 430 cities. It was part of the 19 Future group companies operating in the retail, wholesale, logistic and warehousing segments, which were supposed to be transferred to Reliance Retail as part of a Rs 24,713 crore deal announced in August 2020. However, lenders had rejected the takeover of the 19 Future group companies, including FRL, by Reliance amid a legal challenge by Amazon. Last year in August, stock market regulator Sebi ordered a forensic audit of the accounts of FRL for the financial years 2019-20, 2020-21 and 2021-22. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/vedanta-resources-cuts-gross-debt-by-usd-1-billion/articleshow/99731225.cms">Vedanta Resources cuts gross debt by USD 1 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/five-popular-investments-under-80c-in-2023-24/articleshow/99732870.cms">5 popular deductions you can claim under Section 80C in 2023-24</a>

Future Retail insolvency process: 48 cos selected as eligible prospective bidders

Ratings firm <keyword id="6359483" type="COMPANY" weightage="20" keywordseo="Crisil">Crisil</keyword> has reaffirmed BBB rating on <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword>'s over Rs 18,000 crore bonds on the back of continued support by the country's largest lender SBI. Crisil has assigned its 'CRISIL BBB/Stable' rating to the Tier II bonds (under Basel III) of Rs 13,941 crore and infrastructure bonds of Rs 3,780 crore of Yes Bank, the recently bailed out lender said in a regulatory filing on Saturday. The agency has also reaffirmed its 'CRISIL A2' rating on certificates of deposit of Yes Bank. BBB ratings are of moderate safety with regard to servicing of financial obligations. While debt securities with A2 rating are considered to have strong degree of safety regarding timely payment of financial obligations. Such instruments carry low credit risk. "The ratings are underpinned by the expectation of continued extraordinary systemic support from key stakeholders and sizeable ownership by State Bank of India (SBI). "Crisil has taken note of <keyword id="9362711" type="COMPANY" weightage="20" keywordseo="the-yes-bank-ltd-reconstruction-scheme">the Yes Bank Ltd Reconstruction Scheme</keyword>, 2020, (the Scheme) that was notified by <keyword id="1576501" type="COMPANY" weightage="20" keywordseo="The-Government-of-India">the Government of India</keyword> on March 13, 2020," Crisil said on the rating rationale. The reconstruction scheme followed the imposition of a moratorium on Yes Bank by the government on March 5, 2020, including the RBI, in order to bolster the bank's liquidity. The moratorium was lifted on March 18, 2020, and the bank has since been providing full-fledged banking services to customers. Under the reconstruction scheme, Yes Bank has, among other measures, got equity infusion of Rs 10,000 crore by 8 entities, mainly banks led by SBI. "However, the ability of the bank to limit further deposit outflow, and to build a strong retail liabilities franchise and a stable and sound operating business model with strong compliance and governance framework over the medium term, needs to be demonstrated," said the Indian arm of <keyword id="9362712" type="LOCATION" weightage="20" keywordseo="the-sp-global">the S&amp;P Global</keyword>. Crisil also said the bank's asset quality is weak and the impact of the shift in business model to focus on granular retail segments will need to be seen over a longer period. "These will be key rating monitorables. The nationwide lockdown declared by government to contain the spread of Covid-19 pandemic has impacted disbursements and collections of financial institutions," the agency said. The lockdown and restrictions are now being lifted in phases. Any delay in return to normalcy will increase pressure on collections and hence asset quality, it added. Further, moratorium to Yes Bank customers may impact collections in near-term and any change in payment discipline of borrowers can affect delinquency levels post the moratorium, Crisil said. "Given this, gross non-performing assets (NPAs) could rise due to weakening in most sectors. This may increase the credit cost in fiscal 2021, thereby impacting the profitability of the bank, and will be a key monitorable," it said. KPM BAL

Crisil affirms Yes Bank ₹18,000 crore bonds rating at BBB

New Delhi, Reliance Capital's (RCAP) expression of interest (EOI) for asset monetisation garnered mega response with 60 bids being received. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="SBI">SBI</keyword> Life and Apollo are among the 10 new bidders who have submitted expressions of interest for Reliance Capital's assets, taking the total number of bids to 60. December 1 was earlier the deadline for the submission of EOIs. Over 60 different bids have been received with SBI Capital Markets Limited and JM Financial Services Limited, the advisors to the lenders. Later the date for submitting the bids was extended to December 17. Over eight bidders have bid for entire RCAP assets on an as-is-where-is basis. The prominent among them are Oaktree, J.C. Flower and multiple ARCs. For Reliance General Insurance, which is owned 100% by RCAP, there are 18 bidders and prominent among them are, Chryscap, J.C. Flower, Blackstone, KKR, CVC Capital Partners, and Bain Capital. For Reliance Nippon Life Insurance, in which RCAP owns 51% controlling stake, has received 16 bids, including Bain Capital, NIIF, Arpwood Partners, Dabur Investments, Bandhan Bank, and <keyword id="884924" type="COMPANY" weightage="20" keywordseo="Multiples-Asset-Management">Multiples Asset Management</keyword> among others. For Reliance Securities, there are eight bidders, including Bain Capital, Religare Broking, Edelweiss Securities and other ARCs. For Reliance ARC, there are six bidders, including Bain Capital, International Asset Reconstruction Company and other ARCs. For Reliance Health, there are eight bidders - Blackstone, Bain Capital, Arpwood Partners, and other ARCs. There are also multiple bidders for RCAP's stake in ICEX and Paytm E-commerce business. Reliance Capital asset monetization process, to unlock value of its underlying businesses and to make RCAP debt free, was launched on October 31, 2020. The monetization process being run under the aegis of Committee of Debenture Holders and <keyword id="10477607" type="COMPANY" weightage="20" keywordseo="the-debenture-trustee-vistra-itcl-india-ltd">the Debenture Trustee Vistra ITCL India Ltd</keyword> - which represents 93% of total outstanding debt of Reliance Capital. EOIs were invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof. This includes 100% stake in Reliance General Insurance Company Limited (RGI). It has a paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the 4th largest <keyword id="10477608" type="COMPANY" weightage="20" keywordseo="private-general-insurance-company">Private General Insurance Company</keyword> with market share of 4.5% as of March 2020 in the General Insurance category. It has shown consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. The company performed its best even during COVID times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20- 21. It has a strong distribution network of 134 branches with amongst largest agency force of 46,742 as of September 30, 2020 across the country. Bids have been invited for 51% stake in <keyword id="10203731" type="COMPANY" weightage="20" keywordseo="reliance-nippon-life-insurance-company-limited">Reliance Nippon Life Insurance Company Limited</keyword> (RNLI). The paid up capital of Reliance Nippon Life Insurance is ₹1196 Cr. as of September 30, 2020. RNLI is a joint Venture with Japan's largest life insurer - Nippon Life which holds 49 % shareholding. It is the 10th largest <keyword id="10203730" type="COMPANY" weightage="20" keywordseo="private-sector-insurer">Private Sector Insurer</keyword> (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. It witnessed sharp turnaround in performance during FY19-20 with a profit after tax of ₹35 crore and 75% growth (12% CAGR) in embedded value over last four years. It has an impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore and an individual premium market share of 2.20% amongst private insurers. Bids have been invited for 100% stake in Reliance Securities Limited - Broking &amp; distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. Also on offer is a 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities, 49% stake in Reliance Asset Reconstruction Limited which manages portfolio of ₹1,996 crore as on September 30, 2020. A 20% stake in Indian Commodity Exchange is also being bid. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, Indiabulls Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. There is also 100% stake in Reliance Health Insurance Limited. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-spicejet-interglobe-aviation-tata-motors-pfizer-asian-paints-niit-lupin-and-others/articleshow/79849749.cms">Top stocks to watch – SpiceJet, InterGlobe Aviation, Tata Motors, Pfizer, Asian Paints, NIIT, Lupin, and others</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-mrs-bectors-food-specialities-ipo-allotment-status-online/articleshow/79808672.cms?upcache=2">Mrs Bectors Food Specialities IPO allotment today: Here’s how to check share allotment status</a> <a href="https://www.businessinsider.in/business/startups/news/google-microsoft-invest-in-dailyhunt-for-its-short-video-platform-josh-making-it-the-latest-unicorn-in-india/articleshow/79850804.cms">Google, Microsoft invest in DailyHunt for its short video platform Josh – making it the latest unicorn in India</a>

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

New Delhi, Dec 9 () Mumbai-based Suraksha Realty on Monday expressed confidence that bankers and home buyers will vote in favour of its bid to acquire bankrupt realtor Jaypee Infratech, saying that the company has substantially improved its resolution plan to maximise the value for financial creditors. 
A Committee of Creditors (CoC) on Saturday decided that homebuyers and lenders of Jaypee Infratech will vote on the bids of state-owned NBCC Ltd and private sector firm Suraksha Realty at the same time.
Voting process will start on December 10 and end on December 16. 
"We have worked very hard since last 1.5 years and are only player who has submitted resolution plans in all three rounds. We are fully committed to fulfill each and every commitment made under our resolution plan," Suraksha ARC MD and CEO Aalok Dave told .
Suraksha Realty is owned by Sudhir Valia, the brother-in-law of Sun Pharma promoter Dilip Shanghvi.
"We feel public sector banks being institution have larger responsibility to maximize value for lenders and home buyers as the main objective of IBC (Insolvency and Bankruptcy Code) is to maximize value out of assets of the corporate debtor. 
"We believe after substantial improvements for both home buyers and banks, we will get full support and positive vote from home buyers and banks as our offer is maximizing value for them," he added.
Dave said the company believes that it would get better score on evaluation matrix. 
According to sources, Suraksha is believed to have got nearly 44 score in the evaluation matrix while the NBCC has got nearly 43 and 22.5 marks in two scenarios. 
This is the third round of bidding process, which has been initiated on the direction of the apex court.
In its latest bid, Suraksha Realty further improved its bid to acquire Jaypee Infratech by offering more land and upfront cash to lenders. 
It has increased upfront payment to lenders to Rs 190 crore from Rs 175 crore offered in its revised offer submitted on December 3. The land-debt swap deal has also been improved to 2,320 acre from 2,220 acre. 
NBCC has offered 1,526 acres of land to lenders in its revised bid.
On Yamuna Expressway, NBCC has proposed to transfer the road asset to lenders but before that it would take loan of around Rs 2,500 crore against toll revenue to fund construction spend. Suraksha will keep expressway.
For home buyers, NBCC has proposed to complete pending about 20000 flats in three and half years, while Suraksha in three years. 
Suraksha Realty has also kept aside Rs 250 crore worth land for paying penalty to homebuyers for past delays.
In the Jaypee Infratech, NBCC has offered to infuse Rs 120 crore, while Suraksha Rs 25 crore.
As many as 13 banks and over 23,000 homebuyers have voting rights in the CoC. Buyers have around 58 per cent votes. For a bid to be approved, 66 per cent votes are required. Homebuyers claim amounting to over Rs 13,000 crore has been admitted by Interim Resolution Professional (IRP) Anuj Jain, while banks claim is worth Rs 9,800 crore.
During the meeting of the CoC on Saturday, sources had said that ICICI and Axis Bank opposed the decision to put both the resolution plans to vote at the same time as they wanted the bid of highest bidder (H1) to be the first.
However, lenders could not finalise on H1 and H2 (second highest bidder) and therefore decided to opt for simultaneous voting.
If bids of both the parties are approved in the voting process, then winner will be decided on the basis of higher vote numbers, the sources had said.
Jaypee Infratech, a subsidiary of crisis-hit Jaiprakash Associates, went into insolvency process in August 2017 after the National Company Law Tribunal (NCLT) admitted an application by an IDBI Bank-led consortium.
In the first round of insolvency proceedings conducted last year, Rs 7,350-crore bid of Lakshdeep, part of Suraksha Group, was rejected by lenders.
The CoC rejected the bids of Suraksha Realty and NBCC in the second round held in May-June this year.
The matter reached to the National Company Law Appellate Tribunal (NCLAT) and then the Supreme Court.
On November 6 this year, the Supreme Court directed completion of Jaypee Infratech's insolvency process within 90 days and said the revised resolution plan will be invited only from NBCC and Suraksha Realty. MJH MJH MR
MR

Suraksha Realty hopeful of getting favourable vote of lenders, homebuyers on Jaypee bid

New Delhi, Jan 14 () Suraksha Asset Reconstruction Ltd (Suraksha ARC) has taken over about Rs 170 crore loan extended by HDFC to realty firm Ansal Housing.
Ansal Housing informed in a regulatory filing about assignment of financial assistance by HDFC Ltd in favour of Suraksha ARC with effect from December 31, 2019. 
The loan amount was not disclosed in the filing, but sources said that Suraksha ARC has taken over about Rs 170 crore loan book from HDFC Ltd.
 Suraksha group had also bid for acquiring Jaypee Infratech but could not succeed. The group is investing in revival of various housing projects across major cities. 
 In a letter to the realty firm, Suraksha ARC said that HDFC Ltd has assigned in its favour, all the rights, title and interests in financial assistance granted by it to Ansal Housing Ltd. 
 Now, Suraksha ARC has become the secured lender and all the rights, title and interests of HDFC, with respect to the financial assistance assigned to the borrower, have vested in Suraksha ARC. 
 "Suraksha ARC has become entitled to recover from Ansal Housing the total dues of HDFC Ltd as on December 31, 2019 along with interest at contractual rates, further interest and other charges from the said date till elate of realization," Suraksha ARC said in a letter to the realty firm.
Last week, Ansal Housing said it has defaulted on loans worth Rs 315.63 crore.
The company had informed that its total loan amount outstanding from banks and financial institutions stood at Rs 498.57 crore as on December 31.
"Of the total amount outstanding, amount of default as on date (i.e 31-12-2019) is Rs 315.63 crore," it had said.
Total financial indebtedness of the listed entity, including short-term and long-term debt stood at Rs 691.04 crore. MJH MJH MR
MR

Suraksha ARC takes over Rs 170 cr loan provided by HDFC to Ansal Housing

New Delhi, <keyword id="6360090" type="DOMAIN" weightage="20" keywordseo="reliance-capital">Reliance Capital</keyword> (RCAP) debenture holders at their meeting held on January 5, passed the resolution with overwhelming majority for <keyword id="1187112" type="PERSON" weightage="20" keywordseo="monetisation">monetisation</keyword> of its <keyword id="41933" type="ORGANIZATION" weightage="20" keywordseo="assets">assets</keyword>. This comes on the back of shareholders having already approved RCAP monetisation. Reliance Capital had commenced its asset monetisation process - to unlock value of its underlying businesses which targets to make RCAP debt free. JM Financial Services Limited and SBI Capital Markets Limited ran an independent and transparent asset monetizsation process. Expression of interest for nine key assets was launched on October 31, 2020. EOI process received massive response for the nine key assets as multiple players have placed interest for each asset with some of them also expressing interest in all the assets. EOI applicants would now perform due diligence on each asset and submit binding bids for the nine key assets. Asset monetisation process is being run under the aegis of Committee of Debenture Holders and the Debenture Trustee Vistra ITCL India Ltd, which represents 93% of total outstanding debt of Reliance Capital. EOIs invited for all or part of RCL's stake in the following key subsidiaries and assets individually or in any combination thereof: 1. 100 per cent stake in <keyword id="157626" type="COMPANY" weightage="20" keywordseo="Reliance-General-Insurance">Reliance General Insurance</keyword> Company Limited (RGI). Paid up capital of Reliance General Insurance is ₹252 crore as of September 30, 2020. It is the fifth largest Private General Insurance Company with a market share of 4.5% as of March 20 in the Private General Insurance category. Consistent growth in AUM Year-on-Year with investment book of ₹12,315 crore as on September 30, 2020. Performed its best even during Covid times with Gross Direct Premium Income of ₹4,501 crore during the first six months of FY20-21. Strong distribution network of 134 branches with amongst one of the largest agency force of 46,742 as of September 30, 2020 across the country. 2. 51% stake in Reliance Nippon Life Insurance Company Limited (RNLI). Paid up capital of Reliance Nippon LifeInsurance is ₹1,196 crore as of September 30, 2020. RNLI is a joint <keyword id="6388493" type="COMPANY" weightage="20" keywordseo="venture">Venture</keyword> with Japan's largest life insurer - Nippon Life which holds 49% shareholding. It is the 10th largest Private Sector Insurer (in terms of Individual WRP) and amongst largest Non-Banca company with a network of 717 offices. Witnessed sharp turnaround in performance during FY19-20 with a profit after tax of Rs 35 crore and 75 per cent growth (12% CAGR) in Embedded Value over last four years. Impressive claim settlement ratio of 98.1% in FY19-20 and a higher Solvency ratio of 207% (as against regulatory requirement of 150%). As on September 30, 2020, the AUM was ₹21,912 crore. and an Individual Premium Market Share of 2.20% amongst private insurers. 3. 100% stake in Reliance Securities Limited - Broking and distribution company offering services across asset classes including equities, commodities, derivatives, currency, mutual funds, bonds and corporate FDs. 4. 100% stake in Reliance Financial Limited - RBI registered NBFC, engaged in the business of financing, money lending, capital market linked financing activities. 5. 49% stake in Reliance Asset Reconstruction Limited:  Manages portfolio of ₹1,996 crore as on September 30, 2020. Over 3.3 lakh customers across retail and SME segment, with dominant retail presence in South and West region. 6. 20 per cent stake in Indian Commodity Exchange. Other key shareholders in ICEX are Central Warehousing Corporation, MMTC Limited, <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Limited, Indian Potash Limited and Bajaj Holdings and Investments. ICEX is a SEBI regulated commodity derivatives exchange. 7. 100 per cent stake in Reliance Health Insurance Limited. 8. Other PE investments like Naffa Innovations Private Limited, Paytm E-Commerce Private Limited. RCL's key businesses and subsidiaries are performing well and business will continue as usual. The management, professional team, customer and partners will be unaffected by the proposed asset monetisation programme of RCAP. Resolution of Lending businesses of RCAP - <keyword id="857313" type="COMPANY" weightage="20" keywordseo="Reliance-Home-Finance">Reliance Home Finance</keyword> and <keyword id="3646337" type="COMPANY" weightage="20" keywordseo="Reliance-Commercial-Finance">Reliance Commercial Finance</keyword>. Reliance Home Finance (RHF) and Reliance Commercial Finance (RCF) are undergoing resolution under RBI circular dated June 7, 2019. Bank of Baroda is the lead banker under the ICA resolution process of both the lending entities. The transactions for both RCF and RHF are expected to be closed by March 31, 2021. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/india-may-be-considering-a-covid-cess-on-high-income-earners-aside-from-more-levy-on-fuel/articleshow/80208520.cms">India may be considering a COVID cess on high income earners — aside from more levy on fuel</a> <a href="https://www.businessinsider.in/tech/apps/news/with-whatsapp-popularity-hit-zoho-plans-to-launch-arattai-messaging-app/articleshow/80206802.cms">Zoho plans to woo WhatsApp defectors with its own messaging app Arattai</a> <a href="https://www.businessinsider.in/business/startups/news/2021-will-be-a-watershed-moment-for-india-tech-ecosystem-here-are-the-startup-sectors-that-vcs-are-betting-on/articleshow/80208631.cms">‘2021 will be a watershed moment for India’s tech ecosystem’ — here are the startup sectors that VCs are betting on</a> <a href="https://www.businessinsider.in/tech/gadgets/news/oneplus-band-with-24-hour-heart-rate-monitoring-14-days-battery-life-launched-in-india/articleshow/80209025.cms">OnePlus Band with 24-hour heart rate monitoring, 14 days battery life launched in India</a>

Reliance Capital debenture holders pave the way for asset monetisation

New Delhi, Jan 14 () Reliance Communications' (RCom) assets have received bids of around Rs 25,000 crore with Reliance Jio and UV Asset Reconstruction Company (UVARC) emerging as the top bidders in their respective segments, according to banking sources.
 "Jio and UVARC have emerged as the highest bidders at Rs 25,000 crore for RCom assets at committee of creditors (COC) meeting held on January 13, 2020," a source closely involved in the development told .
 Reliance Jio had placed Rs 4,700-crore bids for mobile tower and fibre assets of Reliance Infratel Ltd (RITL), a subsidiary of RCom.
 UVARC has placed bids of around Rs 16,000 crore for spectrum, real estate assets as well as the enterprise and data centre businesses held in RCom and Reliance Telecom Ltd (RTL).
 "The bidders have committed to pay 30 per cent of the proceeds of around Rs 7,500 crore within 90 days," the source said.
 With this, the 38 lenders of RCom would recover 75 per cent of the total outstanding of around Rs 33,000 crore. This is the highest-ever recovery of dues by financial creditors in the telecom sector that has seen the exit or shutdown of 9 out of 12 telecom companies since 2012, the source said.
 "In addition, the lenders will clawback the priority payments of around Rs 4,300 crore made to Chinese lenders (Rs 1,300 crore), Indian lenders (Rs 3,000 crore). Lenders will start recovering the monetisation proceeds starting March 2020," the source said.
 COC members will have to now obtain their respective board approvals so that they can put in final vote to approve the resolution plans on January 31 ahead of the NCLT filing due by February 3. PRS HRS

Jio, UVARC emerge top bidders for RCom assets

The board of <keyword id="6354731" type="DOMAIN" weightage="20" keywordseo="state-bank-of-india">State Bank of India</keyword> is learnt to have approved resolution plan for <keyword id="46907" type="COMPANY" weightage="20" keywordseo="Reliance-communications">Reliance Communications</keyword>, through which lenders are expected to recover around ₹23,000 crore.UV Asset Reconstruction Company is believed to have placed bid of around Rs 14,700 crore, while Reliance Jio has made an offer of ₹4,700 crore for tower and fibre assets of <keyword id="44524" type="COMPANY" weightage="20" keywordseo="Reliance-Infratel">Reliance Infratel</keyword> Ltd. There will also be a clawback of ₹4,300 crore of priority payments made to Chinese and Indian creditors. Jio placed bid for tower and fibre assets of Reliance Infratel Ltd (RITL) and UVARC for assets of RCom and <keyword id="262352" type="COMPANY" weightage="20" keywordseo="Reliance-Telecom-Ltd">Reliance Telecom Ltd</keyword>. "SBI board has approved resolution plan for RCom. It is expected to vote favourably for the RCom resolution plan at the committee of creditors (COC) Meeting. Voting on the RCom Resolution Plan has started at the COC and will end on March 4," according to sources privy to the development. Email query sent to SBI and RCom resolution professional did not elicit any immediate reply. RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders submitted claims of around ₹49,000 crore in August. Reliance Communications has put all of its assets on sale that include spectrum holding of 122 megahertz (MHz), tower business, optical fibre network and data centres. According to an order by the National Company Law Tribunal, the CoC had to complete the entire process by January 10 but it sought extension in deadline. The resolution professional, Deloitte, is expected to file resolution plan with the NCLT Mumbai on March 5. RCom in the past had tried to sell assets to various companies, including Reliance Jio, to clear debt but the deals did not materialise. Reliance Jio cancelled agreement to buy RCom assets, including spectrum, as it did not want to bear the past liabilities of the debt-ridden firm. Later, the insolvency proceedings against RCom started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues. PRS BAL

RCom's lenders are close to resolve the unpaid loans; to recover ₹23,000 crore

New Delhi, Nov 28 () Telecom operator Bharti Airtel has submitted conditional bids of around Rs 9,500 crore for debt-ridden Reliance Communications' telecom assets, including spectrum, mobile towers and optical fibre, according to an industry source.
 Along with Bharti Airtel, VFSI Holdings Pte Ltd and UV Asset Reconstruction Company Limited have submitted their bids.
 "Bharti Airtel seems to be the highest bidder with bids of around Rs 9,500 crore. However, the final result will be known on Friday after the committee of creditors (CoC) opens all the bids," the source said.
 E-mail query sent to Bharti Airtel did not elicit any reply.
 Reliance Jio had asked for more time to submit bids but the company did not turn up even after the CoC extended the deadline to suit its interest.
 I Squared Capital, which was expected to buy RCom's data centre and optical fibre, also did not submit bids.
 RCom's secured debt is estimated to be around Rs 33,000 crore. Lenders have submitted claims of around Rs 49,000 crore in August.
 Reliance Communications has put all its assets for sale, which include spectrum holding of 122 MHz that the company before insolvency proceedings estimated to be around Rs 14,000 crore, tower business worth Rs 7,000 crore, optical fibre network worth Rs 3,000 crore and data centres worth Rs 4,000 crore.
 According to an NCLT order, resolution professional (RP) has to complete the process by January 10, 2020.
 RCom in the past has tried to sell assets to various companies, including Reliance Jio, to clear debts but the deals did not crystallise. Reliance Jio cancelled the agreement to buy RCom assets as it did not want to bear the previous liabilities of the debt-ridden firm.
 Later, the insolvency proceeding against RCom was started on a plea filed by Swedish telecom gear maker Ericsson after the company failed to clear its dues.
 RCom Chairman Anil Ambani had tendered his resignation after the company posted a consolidated loss of Rs 30,142 crore for July-September 2019 due to provisioning for liabilities after the Supreme Court ruling on statutory dues.
 This was the second-highest loss posted by any Indian company till date.
 The CoC has, however, rejected Ambani's resignation and asked to cooperate in insolvency proceedings. PRS HRS

Bharti Airtel submits Rs 9,500-cr bids for RCom assets

New Delhi, Mar 4 () Reliance Communications' Committee of Creditors is believed to have approved insolvency resolution plan that will fetch lenders Rs 23,000 crore by selling its assets to Reliance Jio and UVARCL.Under the plan, 38 lenders of RCom can recover over 70 per cent of their outstanding of Rs 33,000 crore secured debt, an industry source aware of the development told ."The committee of creditors (COC) has approved the resolution plans of RCOM and its subsidiaries RTL and RITL with an absolute majority of 100 per cent by the lenders at the COC meeting, as against the mandatory requirement of 66 per cent," the source said.Lenders submitted claims of around Rs 49,000 crore in August of which Rs 33,000 crore estimated to be secured debt.Reliance Jio and UV Asset Reconstruction Company Limited were the highest bidders for RCOM assets at the CoC meeting held on January 13, 2019.Jio had placed bid of around Rs 4,700 crore for the tower and fiber assets of Reliance Infratel Ltd (RITL), while UVARCL has made an offer of Rs 14,000 crore for spectrum, real estate assets, enterprise and datacenter businesses, held by RCom and Reliance Telecom Ltd.In addition, the creditors will clawback the priority payments of Rs 4,300 crore made to Chinese (Rs 1,300 crore) and Indian lenders (Rs 3,000 crore)."Loans of Chinese lenders will reduce by nearly 65 per cent to around Rs 4,000 crore from around Rs 12,000 crore. This is the highest-ever recovery of dues by financial creditors in the telecom sector, which has seen the exit or shut down of 11 out of 12 telcos since 2012," the source claimed.According to the Insolvency and Bankruptcy Board of India, the recovery to lenders in the case of Bhushan Steel and Essar Steel were 63 per cent and 60 per cent, respectively."The bidders have committed to pay 30 per cent of the proceeds of around Rs 7,500 crore within 90 days," the source said.The resolution professional has to submit the plan before the National Company Law Tribunal (NCLT) on Thursday. PRS BAL

'RCom creditors approve Rs 23,000 cr asset sale plan to Jio, UVARCL'

India's debt-laden <keyword id="6425677" type="CITY" weightage="20" keywordseo="Essar-Group">Essar Group</keyword> confirmed on Saturday that it has agreed to sell a 98 % interest in its <keyword id="6377011" type="COMPANY" weightage="20" keywordseo="Essar-Oil">Essar Oil</keyword> unit to a consortium led by <keyword id="6358826" type="COUNTRY" weightage="100" keywordseo="Russia">Russia</keyword>'s <keyword id="174417" type="COMPANY" weightage="100" keywordseo="Rosneft">Rosneft</keyword>, giving the energy giant a gateway into the world's fastest growing fuel market. 
 The deal will see Rosneft, along with its partners <keyword id="6466292" type="CITY" weightage="20" keywordseo="Trafigura">Trafigura</keyword> and <keyword id="3750775" type="UNKNOWN" weightage="20" keywordseo="united-capital-partners">United Capital Partners</keyword> (UCP), pay $10.9 billion for <keyword id="6368035" type="CITY" weightage="100" keywordseo="essar">Essar</keyword>'s refining and retail assets. Separately, $2 billion will be paid toward the acquisition of the <keyword id="6400401" type="COMPANY" weightage="20" keywordseo="Vadinar">Vadinar</keyword> port in the western state of <keyword id="6354766" type="COMPANY" weightage="20" keywordseo="Gujarat">Gujarat</keyword>, along with certain import and export facilities. 
 Sources familiar with the matter had told <keyword id="76338" type="CITY" weightage="20" keywordseo="Reuters">Reuters</keyword> on Friday that a deal was imminent. It will give Rosneft a 49 % stake in Essar Oil, with 49 percent being split equally between Trafigura and UCP. The deal was carefully structured to avoid falling foul of western sanctions against Russia over its role in the <keyword id="6355101" type="COUNTRY" weightage="20" keywordseo="Ukraine">Ukraine</keyword> crisis. 
 "Rosneft will not get a controlling stake, partly because of these reasons (sanctions)", <keyword id="2636824" type="UNKNOWN" weightage="20" keywordseo="Andrey-Kostin">Andrey Kostin</keyword>, head of Russian lender <keyword id="367587" type="COMPANY" weightage="20" keywordseo="VTB">VTB</keyword> which advised Essar on the deal, told Reuters. 
 The deal helps Russia to deepen economic ties with India that stretch back to the Soviet era. The purchase is the biggest foreign acquisition ever in India and Russia's largest outbound deal, according to <keyword id="6407190" type="CITY" weightage="20" keywordseo="Thomson-Reuters">Thomson Reuters</keyword> data. It was finalised after Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> and Russian President <keyword id="43440" type="PERSON" weightage="20" keywordseo="Vladimir-Putin">Vladimir Putin</keyword> met at a summit in the western state of Goa on Saturday. 
The all-cash deal will give Rosneft and its partners control of Essar's 20 million tonne refinery in Gujarat, and its retail fuel outlets in India, where growth for refined petroleum goods in the next five years is expected to be in the 5 percent to 7 percent range. 
 "Rosneft is entering one of the most promising and fast-growing world markets," said its Chief Executive <keyword id="288201" type="PERSON" weightage="20" keywordseo="Igor-Sechin">Igor Sechin</keyword> in a statement, adding that the deal gives it "unique opportunities for synergies" with its existing assets. 
 
Separately, Rosneft said it would use Venezuelan crude to supply the Vadinar refinery. 
 
The closing of the transaction is conditional on receiving requisite regulatory approvals that are expected before the end of the first quarter of 2017. 
 The deal also reduces some of the pressure on Essar, which is controlled by the billionaire <keyword id="172583" type="COMPANY" weightage="20" keywordseo="Ruia">Ruia</keyword> brothers. The group has a presence in oil and gas, steel, ports and power, and has been under pressure from its lenders to reduce its debt burden. 
 
In parallel with the deal, Russian lender VTB said on Saturday it would lend Essar about $3.9 billion toward debt reconstruction. 
 <keyword id="45875" type="PERSON" weightage="20" keywordseo="Chanda-Kochhar">Chanda Kochhar</keyword>, chief executive of <keyword id="201394" type="COMPANY" weightage="20" keywordseo="ICICI-Bank-Ltd">ICICI Bank Ltd</keyword> - one of Essar's top lenders - welcomed the deal, noting that it has been working closely with Essar to deleverage its stressed balance sheet.

India's biggest deal worth Rs 72,800 crores: Essar oil sells
to Russia's Rosneft

With another round of bidding for <keyword id="6360090" type="General" weightage="100" keywordseo="reliance-capital" source="Orion">Reliance Capital</keyword> Ltd slated later this month, the question is whether the final value of the debt-laden company would be found and lenders will be able to realise their monies early or will the matter go to the apex court? Recently, the National Company Law Appellate Tribunal (NCLAT) ordered in favour of Reliance Capital lenders and allowed another round of auction for the financial services company. The lenders had approached NCLAT against an earlier order of the National Company Law Tribunal (NCLT) restraining the Committee of Creditors (<keyword id="230701" type="General" weightage="80" keywordseo="coc" source="Orion">CoC</keyword>) from extending the auction round to find higher value for the company. The initial bidding process ended on December 21, 2022 and Torrent Investments was found to be the highest bidder with Rs 8,640 crore. Soon after that, the Hinduja Group's <keyword id="1424679" type="General" weightage="80" keywordseo="iihl" source="Orion">IIHL</keyword> made an offer of Rs 9,000 crore. In its written submission before NCLAT, one of the members of CoC Vistra ITCL said: "NCLT has usurped the jurisdiction of the CoC by holding that the CoC has to vote on the Rs 8,640 crore plan of Torrent and Rs 8,110 crore plan of IIHL and that CoC has no jurisdiction to negotiate even on the figures." It further argued that NCLT has not even looked at these plans and there is no Rs 8,110 crore plan of IIHL and NCLT has substituted its opinion for that of CoC, which is not permissible under the Insolvency and Bankruptcy Code (IBC). The appellant submitted that Torrent Investments has, within a span of 24 days, increased the values of the bid from Rs 1,100 crore upfront to Rs 3,750 crore upfront and then further within 2 weeks from Rs 3,750 crore upfront to Rs 8,640 crore upfront, and the same was the case with IIHL. The appellant contended that CoC therefore clearly feels that there is more value to be discovered and the same cannot be interdicted by judicial intervention at this stage. In the next round of bidding, the minimum/reserve price will be Rs 8,000 crore cash upfront, then round one will be Rs 9,500 crore and then it will be Rs 10,000 crore and Rs 250 crore after each round, it is learnt. But the moot point is if Torrent Investments goes to the Supreme Court against the NCLAT order then there will be a legal delay in the resolution process and why would bidders participate if the matter is to be settled by the apex court. Incidentally, maximisation of the value for the stakeholders is the ground on which the IBC firmly rests. There are several examples of the success of COC's commercial wisdom and the ability to renegotiate to get a better deal for the stakeholders of a corporate debtor. For instance, in the case of DHFL which had a debt of Rs 88,000 crore, the first offer made by the Piramals to acquire was Rs 15,000 crore. But after negotiations/revision/fresh plans, the revised offer went up by Rs 22,250 crore to Rs 37,250 crore. In respect of the SREI debt (Rs 32,791 crore) resolution, the initial offer for the company was Rs 3,402 crore and National Asset Reconstruction Company Ltd (NARCL) while the value of the resolution plan after negotiation/revision/considering fresh plans the amount went up by Rs 11,465 crore to Rs 14,867 crore. The same is the case with a couple of other corporate debt resolution plans: Essar Power, the initial resolution plan value of ArcelorMittal was Rs 32,000 crore and was revised upwards by Rs 10,000 crore to Rs 42,000 crore. Bhushan Power and Steel - debt Rs 48,719 crore; first-round value was said to be Rs 15,000 crore and revised for about Rs 24,500 crore by JSW Steels; Binani Cement - debt Rs 7,500 crore; initial resolution plan value was Rs 6,932 crore and later went up to Rs 7,950 crore by Ultratech Cement; Bhushan Steel - debt Rs 59,207 crore; value of resolution plan after negotiation/revision/fresh plans Rs 35,200 crore plus 12 plus equity stake; Videocon - debt Rs 64,938 crore; first-round value about Rs 2,962 crore by <keyword id="15683960" type="General" weightage="50" keywordseo="twinstar-technologies" source="Orion">Twinstar Technologies</keyword>. After the CoC withdrew its approval of <keyword id="3244266" type="General" weightage="50" keywordseo="twinstar" source="Orion">Twinstar</keyword>'s plan, three Expressions of Interest for the company have been received, as per reports. Interestingly in the case of Reliance Capital with a debt of about Rs 25,500 crore, the value of the resolution plan after the first round was about Rs 2,591 crore. The resolution value went up to Rs 9,000 crore which was made by the Hinduja group's IIHL. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/for-many-years-after-independence-there-was-no-long-term-vision-in-health-sector-pm/articleshow/98444722.cms">For many years after Independence, there was no long term vision in health sector: PM</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/amitabh-bachchan-injured-during-film-shoot-in-hyderabad/articleshow/98444560.cms">Amitabh Bachchan injured during film shoot in Hyderabad</a>

You Searched For "suraksha asset reconstruction ltd" and got 13 results

Adani and Sunteck Realty show interest in acquiring HDIL

IANS

Future Retail insolvency process: 48 cos selected as eligible prospective bidders

PTI

Crisil affirms Yes Bank ₹18,000 crore bonds rating at BBB

PTI

Reliance Capital asset sale: SBI Life and Apollo join the race, nearly 70 bids received so far

IANS

Suraksha Realty hopeful of getting favourable vote of lenders, homebuyers on Jaypee bid

PTI

Suraksha ARC takes over Rs 170 cr loan provided by HDFC to Ansal Housing

PTI

Reliance Capital debenture holders pave the way for asset monetisation

IANS

Jio, UVARC emerge top bidders for RCom assets

PTI

RCom's lenders are close to resolve the unpaid loans; to recover ₹23,000 crore

PTI

Bharti Airtel submits Rs 9,500-cr bids for RCom assets

PTI

'RCom creditors approve Rs 23,000 cr asset sale plan to Jio, UVARCL'

PTI

India's biggest deal worth Rs 72,800 crores: Essar oil sells to Russia's Rosneft

BI India Bureau

Will Reliance Capital lenders get their dues fast or will there be legal delays

IANS

Popular Keywords

Buying Guides