A group of lenders led by Bank of Baroda has issued a letter of intent on June 19, 2021, in favor of Anthem Investment and Infrastructure Limited under the Inter-Creditor Agreement (ICA) as it has submitted the highest bid for taking up RHF.
Reliance Home Finance NSE 4.72% (RHF), a Reliance Group firm promoting Anil Ambani, said on Monday that it has appointed a panel to take forward the resolution process of a debt-laden mortgage company. A group of lenders led by Bank of Baroda has issued a letter of intent on June 19, 2021, in favor of Anthem Investment and Infrastructure Limited under the Inter-Creditor Agreement (ICA) as it has submitted the highest bid for taking up RHF.
Authum had submitted a bid of Rs 2,911 crore (including Rs 24 crore as deferred interest) to financial creditors subject to the terms and conditions of the bid document which has been approved by the lenders in its meeting held on June 19, 2021, RHF said in a BSE filing.
The RHF Board in its meeting held on Monday took note of the resolution plan approved by lenders who form part of ICA under RBI’s Prudential Framework to address the directions of stressed assets on June 7, 2019.
“The Board of Directors of RHF has also appointed a committee to take further steps in the matter.
Implementation of the Resolution Scheme by the successful bidder is subject to the approval of leave of existing legal injunction on non-ICA lenders, shareholders, regulatory authorities, and the company.
Authum is a domestic non-banking financial company with a presence of about 15 years and has Assets Under Management (AUM) of about Rs 2,200 crore.
Shares of Reliance Home Finance (RHF) hit their upper circuit limit on Monday, with The Most Bidding Company emerged for the debt-ridden company after Anthem Investment and Infrastructure, which is part of the Anil Ambani (ADAG) group.
The upper circuit limit of Rs 5.98 jumped to 5 percent on Monday. The stock circuit closed at 12:20 pm, beating the S&P BSE Sensex stock, down 0.48 percent to close at 52,091.03.
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