The selection of the winning bidder will be from final and binding bids.
The debt resolution of Reliance Home Finance is understood to be in the final stages, with voting on the bids likely to be completed over the next few days.
“The voting for the debt resolution of Reliance Home Finance started on May 31 and is likely to be completed by June 15. The winning bidder will be selected from among the four final and binding bids received by the lenders,” said a person familiar with the development.
The four final bidders include ARES SSG along with Assets Care and Reconstruction Enterprise, Authum Infrastructure and Investment, Avenue Capital along with ARCIL and Capri Global Capital.
In its fourth-quarter results announced last month, it had said the debt resolution process is in the final stages. It had reported a net loss of ₹444.62 crore in the fourth quarter ended March 31 as against a net loss of ₹238.37 crore in the same quarter of the previous fiscal year.
Reliance Home Finance is a subsidiary of Anil Ambani controlled Reliance Capital. Its ₹11,200 crore debt resolution is expected to help Reliance Capital.
Bank of Baroda is the lead banker under the Inter Creditor Agreement to resolve debt-ridden Reliance Home Finance. The lenders had in August last year proceeded with the resolution plan and had sought bids for the two companies.
Its total financial indebtedness stands at ₹13,312.96 crore, according to a recent regulatory filing. The total amount of outstanding borrowings from banks and financial institutions amounts to ₹4,435.08 crore.