Reliance Capital Limited (NSEI:RELCAPITAL)'s (RCap) lenders have reached agreement on an Expression of Interest (EoI) document to be floated by the company's administrator to prospective bidders, people briefed on the matter said. The EoI could be ready as early as February 18, 2022. The lenders, at a meeting on February 15, 2022, decided to give potential buyers two options to bid for the company.

Under the first, potential buyers will be allowed to bid for the company, including RCap's lending book, its subsidiaries and investments in joint ventures. The second option will split RCap's assets and investments into clusters. Its lucrative businesses, such as the wholly-owned general insurance arm, and its stake in Reliance Nippon Life Insurance will be parked in two separate clusters, the sources said.

The RBI-appointed administrator will seek approval from the National Company Law Tribunal (NCLT) to get its stamp of approval for the proposed EoI terms. RCap's administrator Nageswara Rao did not respond to ET's emailed queries until press time on February 15, 2022.