The Hinduja group is learnt to have backtracked from making a minimum Rs 8,950-crore offer for Reliance Capital (RCap) – a deal that it had belatedly put forth in December, after Torrent Investments emerged as the highest bidder for the bankrupt firm in the challenge process. The Hindujas’ latest move has put Indian lenders, with an exposure of Rs 24,000 crore, in a spot as it was the former’s revised offer that led to a call for a second auction and litigation by Torrent, which had placed a bid of Rs 8,649 crore in the first auction. Torrent has moved the Supreme Court and plans to wait for the apex court verdict before participating in any fresh auction. A banking source said there was an informal meeting of a few lenders of Reliance Capital with the bidders – the Torrent group and the Hinduja group on Friday when the latter changed its stand. The meeting of RCap’s committee of creditors (CoC) is scheduled for Monday.
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