In twist to tale, Torrent does copycat, revises RCap bid

Mumbai : In a bizarre twist to the tale, Torrent has revised its resolution plan for Reliance Capital.

Torrent had earlier accused IIHL (Hinduja Group) to revise their Resolution Plan.

Torrent has now revised its upfront payment from Rs 3,750 crore to Rs 8,640 crore.

This is allegedly in gross violation of the RFRP and the Challenge Mechanism.

Torrent’s alleged all cash bid of Rs 8,640 crore is still lower than the Rs 9,000 crore plus all cash bid of IIHL.