Reliance Home Finance shares jump 5% as Authum emerges highest bidder

NEW DELHI: Reliance Home Finance (RHF) shares hit their upper circuit limit on Monday after Authum Investment and Infrastructure emerged the highest bidder for the debt ridden company, which is part of the Anil Ambani (ADAG) Group.

Authum Investment and Infrastructure Ltd has emerged the highest bidder for Reliance Home Finance, an Anil Ambani-promoted company, with an offer of about Rs 2,900 crore.

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

The penny stock jumped as much as 5 per cent to hit its upper circuit limit of Rs 5.98 on Monday. At 12:20 pm, the stock was locked in the circuit limit, outperforming the S&P BSE Sensex stock, which was down 0.48 per cent at 52,091.03.

Sources said lenders led by Bank of Baroda NSE -0.06 % would receive Rs 2,587 crore or 90 per cent upfront and the remaining Rs 300 crore within a year. Shares of the PSU lender traded 0.44 per cent lower at Rs 79.80 at the time.

Reliance Home Finance shares have been on a roar in the last one month, rising 130 per cent. The stock has surged 27 per cent within a week.

The voting that started on May 31 and concluded on June 19 saw participation from over 91 per cent of the lenders by value, sources said, adding that lenders have voted in favour of Authum’s plan over other bids.

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Article first Appeared on Informalnewz

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