Lenders extend Reliance Home Finance bid deadline to January-end

Move follows request by suitors; only two of six contenders submitted binding bids, the other four came with riders

Lenders to Reliance Home Finance — part of the debt-ridden Anil Dhirubhai Ambani Group — have extended the bidding deadline to end-January next year, following requests from bidders.

According to a source close to the development, only two bidders — Avenue-Asset Reconstruction Company (India), or ARCIL, consortium and Authum Investment & Infrastructure — have submitted binding bids. 

Four companies made non-binding bids, but with riders. 

Reliance Home Finance was sent for debt resolution by banks after it failed to repay its Rs 12,000-crore debt.

A source said the two bidders opposed the deadline extension and threatened to walk away from