Independent valuers have given Reliance Capital (RCAP) a liquidation value of up to Rs 13,000 crore.

In the Committee of Creditors (CoC) meeting on Wednesday, the RCAP administrator presented the valuation reports of the independent valuers Duff & Phelps and RBSA to the lenders.

As per the valuation report by Duff and Phelps, the liquidation value of RCAP is estimated at Rs 12,500 crore while the liquidation value arrived at by RBSA is Rs 13,200 crore, news agency PTI reported.

In comparison, the highest bid value received by the lenders of RCAP is Rs 5,231 crore from the consortium of Cosmea Financial and Piramal Group.

Hinduja, with a bid value of Rs 5,060 crore, is the second-highest bidder for RCAP. The size of Torrent and Oaktree bids is Rs 4,500 crore and Rs 4,200 crore, respectively.

Hence, the bids received by the RCAP lenders are almost 30% of the liquidation value fixed by the two independent valuers, PTI reported.

The low bid value compared to the liquidation value fixed by the independent valuers makes it imminent for the company to be referred for liquidation.

In addition to the RCAP, both the independent valuers have assigned a liquidation value to RCAP's life and general insurance businesses too.

According to Duff and Phelps' valuation report, the liquidation value of Reliance General Insurance is Rs 7,000 crore and Reliance Life Insurance is Rs 4,000 crore, PTI reported.

On the other hand, RBSA has given a liquidation value of Rs 7,500 crore and Rs 4,300 crore for Reliance General Insurance and Reliance Life Insurance, respectively.

The RCAP lenders have not received any bids for these two businesses (general and life insurance) of the company, which account for over 90% of the total valuation.

The lenders have received three bids for the rest of the businesses/clusters like securities, real estate, ARC, etc. of Reliance Capital. The combined bid value of these businesses is Rs 120 crore, but as per the valuation reports of Duff & Phelps and RBSA, the liquidation value of these businesses is estimated at Rs 280 crore and Rs 240 crore, respectively.

Keeping in mind the huge gap between the liquidation value and the actual bid values, the COC is likely to ask the bidders to revise their bids, PTI quoted sources as saying.

If the revised bids are still far below the liquidation value, the lenders may consider referring the company for liquidation.