Reliance Cap lenders to ask bidders to make all cash bids, form consortium

An industry source says the Administrator appointed by RBI was not supporting all cash bids but CoC insisted on all cash offers from bidders

The Committee of Creditors (CoC) of Reliance Capital, a former Anil Ambani group company, has decided to make changes in the bidding process by inviting all cash bids for the company and has asked bidders of the profit making subsidiaries of Reliance Capital to form a consortium amongst themselves to bid for the company.

As per an industry source, the Administrator appointed by the Reserve Bank of India was not supporting all cash bids but the CoC insisted on all cash offers from the bidders. The CoC will meet again on Wednesday to take a final call on the Request