Kotak fund, Acre ARC, Capri Global join race for Reliance Home – Economic Times

Kotak Special Situations Fund, Acre ARC and Capri Global Capital Ltd. are each competing against Asset Reconstruction Co. (India) Ltd. and Authum Investment & Infrastructure Ltd. for the acquisition of all or some of Reliance Home Finance Ltd., The Economic Times reported Jan. 27, citing people familiar with the process.

Acre ARC, which is bidding in partnership with its largest shareholder Aries-SSG Capital, and Authum Investment are aiming to buy all of the debt-laden home finance company, while the remaining three intend to acquire Reliance Home's retail loan portfolio, the unnamed sources noted.

Reliance Home's total loan book at the beginning of the fiscal period amounted to about 140 billion Indian rupees, with home and commercial loans to builders making up 40 billion rupees. The company also owed 110.00 billion rupees to lenders as of the end of 2020.

Bank of Baroda's investment banking arm, BoB Capital Markets, and consultancy firm Ernst & Young are assisting lenders with the sale process, the publication reported.

As of Jan. 27, US$1 was equivalent to 73.03 Indian rupees.