mumbai authum investment and infrastructure has emerged as the highest bidder for reliance home finance rhf a subsidiary of anil dhirubhai ambanis reliance capital the book value of the assets on offer are around rs 12554 crore and authums bid of rs 2887 crore on a net present value basis would lead to a 23 immediate recovery for lendersthe alpana dangipromoted authum is a mumbaibased nbfc with a focus on capital markets once the lenders approve of a bid they will need to get clearance from the rbi for the company to change hands the central bank has the power to reject a change in ownership if it feels that the new directors that come in do not meet its fitandproper criteriathe secondhighest bidder is understood to be hong kongbased distressed asset fund ares ssg along with assets care reconstruction enterprise which has bid around rs 2770 crore that works out to a 22 recovery for lenders the other two bidders are avenue capital another global fund that has bid jointly with asset reconstruction company of india arcil and the nbfc capri globalthe voting for the best bid and resolution plan for rhf among the lenders concluded on wednesday unlike other large debt resolutions rhf is being restructured under the june 7 2019 circular that provides a framework outside the bankruptcy proceedings the resolution process is being managed by bob capital markets along with management consultants ernst young with bank of baroda as the lead bankalong with rhf lenders are also pursuing the resolution of reliance commercial finance another subsidiary of reliance capital once these two businesses are sold reliance capital will end up resolving nearly rs 20000 crore of its debt liabilities care ratings had downgraded rhf and reliance commercial finance to default in 2019 subsequently lenders had classified the loan as nonperforming and initiated recovery proceedings