Deadline for bids for Reliance Capital extended to December 17

The Committee of Debenture Holders of Reliance Capital has decided to extend the deadline for bids for certain subsidiaries of the debt-ridden group to December 17.

“The Committee of Debenture Holders has decided to extend the last date for submission of Expression of Interest to December 17, 2020,” Reliance Capital said in a regulatory filing on Monday night.

Other than the extension in the timeline, other conditions remain unchanged, it added.

The earlier deadline was December 1. Reliance Capital had on October 31 floated an expression of interest for selling stake in its subsidiaries as part of the process to pay off its dues to creditors and become debt-free.

The monetisation process is under the aegis of the Committee of Debenture Holders and the Debenture Trustee Vistra, which represents 93 per cent of the total outstanding debt of the company.

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