 "Reliance Capital")
The Swiss Challenge process to sell Life Insurance Corporation's debt in Reliance Capital did not get a rival bid, thus paving the way for ACRE SSG, a stressed asset fund, to acquire the loan at a deep discount. ACRE SSG has offered 27 cent to a dollar, leading to a 73% haircut to LIC on its Rs 3,400 crore exposure on Reliance Capital
The development comes just ahead of final binding bids for Reliance Capital assets are expected on Monday.
Banking sources said IDBI Trusteeship, process advisor to sell LIC loan, did not receive a single bid, as the deadline
