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Authum Investment emerges highest bidder for Reliance Home Finance

Tuesday, 22 Jun 2021
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Authum Investment and Infrastructure (Authum) has emerged as the highest bidder for Reliance Home Finance (RHF), a group company of the Reliance Group, with about Rs 2,900 crore offer.

The lenders led by the Bank of Baroda will receive Rs 2,587 crore or 90 percent upfront and the remaining Rs 300 crore within a year.

Authum had submitted a bid of Rs 2,911 crore (which includes Rs 24 crore as deferred interest) to financial creditors subject to the terms and conditions of the bid document which has been approved by the lenders at their meeting held on 19 June 2021.

The voting that started on 31 May 2021 and concluded on 19 June 2021 saw participation from over 91 percent of the lenders by value. The lenders have voted in favour of Authum's plan over other bids.

In this connection, the lead bank on behalf of lenders of RHFL under the Inter-Creditor Agreement (ICA) has issued a letter of intent (LoI) dated 19 June 2021 in favour of the company.

The LoI is subject to the terms and conditions stated in the LoI including statutory and regulatory approvals.

Authum is a domestic NBFC with around 15 years presence and over Rs 1,500 crore net worth as of 31 December 2020.

The resolution plan of Authum with assets under management (AUM) of approx Rs 2,200 crore as was selected as it offered Highest Net Present Value (NPV) and has fewer and reasonable conditions.

The bid by NBFC scored the highest in terms of ease of implementation and found to be comprehensive for all the stakeholders including RHF employees and customers.

Though the plan has been selected considering that overwhelming majority,  a few remaining lenders are yet to give their nod due to delay in their internal approvals.

The other bidders were ARES SSG along with Assets Care & Reconstruction Enterprise, Avenue Capital jointly with ARCIL and Capri Global Capital, a domestic NBFC.

With the resolution, the debt of Reliance Capital (RCL) will come down by about Rs 11,200 crore or more than 25 percent of outstanding.

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