- In January, RIL-ACRE requested CCI authorization for a possible acquisition of Sintex.
- Himatsingka Ventures offered Rs 3,297 crore, Welspun Group offered Rs 3,102 crore and GHCL offered Rs 2,140 crore for the textile business under their respective bids.
- Amit Patel and his family founded Sintex Industries, specializing in the high-end apparel market.
The resolution plan of the Reliance Industries Ltd-Assets Care and Reconstruction Enterprise Ltd (RIL-ACRE) consortium to acquire
Under the winning resolution plan, the existing share capital of
“In accordance with the resolution plan of Reliance Industries Limited jointly with Assets Care & Reconstruction Enterprise Limited, it is proposed that the existing share capital of the company be reduced to zero and the company be delisted from the stock exchanges i.e. BSE and NSE. The Interim Resolution Professional is in the process of filing an application pursuant to Section 30(6) of the Code for the approval of said resolution plan by the
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word of caution
As is the norm for companies going through the insolvency process, equity investors are the first to be affected. Retail investors who still hold the stock will see their capital reduced to zero in the coming days.
Market experts have warned investors to refrain from buying the meter, especially in light of the rampant pump and dump schemes stoked by social media influencers.
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“All equity will be written off, written off, shares will drop to zero. Be aware, don’t buy,” he said in a statement on Twitter on Sunday.
Bid for Sintex Ltd
Apart from the RIL-ACRE consortium, other candidates who bid for the struggling textile company are
ACRE is an asset reconstruction company backed by Ares SSG Capital, an alternative investment fund.