Lenders begin voting on Reliance Home Fin bids, to choose winner on June 15

Debt of Rs 11,200 crore of Reliance Capital group will get resolved once the winning bid is frozen

The Indian lenders led by Bank of Baroda have started voting on the highest bidder for Reliance Home Finance on  May 31 and will select the highest bidder by June 15.

Global fund ARES SSG, along with Assets Care & Reconstruction Enterprise Ltd, Authum Infrastructure and Investment Ltd (a domestic NBFC), Avenue Capital and ARCIL, Capri Global Capital Limited have made the bids for the company.

The present debt resolution is under the June 7, 2019 circular of Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions 2019 and the lenders of RHFL have entered into an Inter Creditor Agreement for debt resolution of the housing finance company.

Post voting by the ICA lenders, the successful plan will be put up for the approval from non-ICA lenders and the plan will be implemented, said banking sources.

With this, debt of Rs 11,200 crore of Reliance Capital group borrowings will get resolved.