CoC raises base price of Reliance Capital auction to Rs 6,500 crore

Auction to be held on two days, starting December 22

The committee of creditors (CoC) of Reliance Capital (RCap) has increased the base price for the e-auction of the company to Rs 6,500 crore, thus upsetting the calculations of potential bidders.

In the CoC meeting held on Tuesday, the base price was raised to Rs 6,500 crore, taking into account the high valuation of its two profit-making insurance assets, said a source close to the development. According to the earlier proposal, the base bid value was estimated at Rs 5,231 crore — the offer by Cosmea Financial Holding and Piramal consortium. 

According to the new rules, the bidders in the