The bidding for Reliance Capital took an unexpected twist, with the committee of creditors (CoC) considering a second round of e-auction as the bidders tried to top each other's bids after the completion of the auction, two officials aware of the matter said.
CoC will meet on Monday to vote on the proposal to organize a second round of auction. The lenders have set a reserve price of ₹9,500 crore, including upfront cash of ₹8,000 crore, in the second round of the auction.
If the proposal is approved, Hinduja, Piramal, Torrent and Oaktree may get a fresh chance to revise their bids for Reliance Capital.
The proposal to look at a second auction was taken by the lenders after the Ahmedabad-based Torrent Group offered the entire bid amount of ₹8,640 crore as upfront cash on Friday.
Torrent's proposal to raise its bid came after the financial advisers differed over the net present value of the bankrupt company's assets.
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