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RCF: Authum resolution plan gets debenture holders nod

The plan — initially approved by the inter-creditor agreement (ICA) lenders on July 15 this year — was subject to the approval of non-ICA lenders.

By: ENS Economic Bureau | New Delhi |
Updated: December 10, 2021 9:55:57 am
Anil AmbaniAnil Ambani (Express Photo by Prem Nath Pandey)

The resolution plan of Authum Investment and Infrastructure received 99 per cent vote of debenture holders of Reliance Commercial Finance Ltd (RCF), a group company of debt-ridden Reliance Group promoted by Anil Ambani.

With the nod, Authum moved a step further for the acquisition of Reliance Commercial Finance, sources said. The plan — initially approved by the inter-creditor agreement (ICA) lenders on July 15 this year — was subject to the approval of non-ICA lenders.

The delay was due to the confusion caused by market regulator Sebi’s recent circular on voting by debenture holders, the sources further said. Authum Infrastructure and Investment’s bid of Rs 1,585 crore had received over 80 per cent votes from lenders in July. (With PTI)

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