Sources close to developments have revealed that after many twists and turns, a Hinduja Group company on Wednesday emerged as the highest bidder with an offer of Rs 9,650 crore to take over debt-ridden Reliance Capital in the second round of auction.
The bid by IndusInd International Holdings Ltd (IIHL) is higher than the Rs 8,640 crore offer made by Torrent Investments in the first round of the auction held in December last year.
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It is believed that the other two suitors -- Torrent Investments and Oaktree -- did not participate in the second round of auction, sources said.
The Committee of Creditors (CoC) had set a minimum bid amount of Rs 9,500 crore for the first round and Rs 10,000 crore for the second round, with an additional Rs 250 crore for the subsequent rounds.
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