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    533107   INE542F01012

RELIANCE NAVAL AND ENGINEERING LIMITED

(533107)
  Report
End-of-day quote. End-of-day quote Bombay Stock Exchange - 01/27
3.76 INR   -1.05%
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Reliance Naval Extends Expressions of Interest till August 21

08/08/2020 EST

The resolution of Reliance Naval and Engineering Limited (BSE:533107) will be delayed further as the deadline for submission of bids has been extended by two weeks. Those interested in the Reliance Group Company were supposed to submit their expressions of interest (EoIs) by August 6, but this has been extended till August 21. This will be the third extension of deadline from the original date of June 27. Financial Express has learned from sources that the decision to extend the deadline has been taken because lenders were unhappy with the EOIs received so far. Lenders are trying all options before recommending liquidation of the company, sources said. The financial creditors have claimed INR 435,870 million dues from the company. As per the updated timeline, the resolution professional will issue a final list of prospective resolution applicants by August 26. Thereafter, the applicants can submit their resolution plan for the company. The committee of creditors (CoC) aims to file a resolution plan for approval at the National Company Law Tribunal (NCLT) by October 30. A company with a minimum net worth of INR 6,000 million and a consolidated group turnover of at least INR 20,000 million can bid for the naval engineering company. Financial institutions and private equity investors should have minimum assets under management of INR 10,000 million to bid for Reliance Naval and Engineering. Though financial creditors have claimed INR 435,870 million, the resolution professional (RP) has admitted only INR 108,780 million of dues so far. Claims worth INR 326,930 million are under verification. The company has admitted claims of INR 19,650 million from State Bank of India (NSEI:SBIN), INR 15,550 million from Union Bank of India (BSE:532477) and INR 13,750 million from IDBI Bank Limited (BSE:500116), among others. The operational creditors have claimed INR 19,220 million from the company, of which only INR 4,850 million has been admitted so far by the RP. Reliance Naval and Engineering has been undergoing insolvency proceedings at the Ahmedabad bench of NCLT since January 15, 2020.


ę S&P Capital IQ 2020
All news about RELIANCE NAVAL AND ENGINEERING LIMITED
2021Hazel Mercantile Limited agreed to acquire Reliance Naval and Engineering Limited.
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Financials
Sales 2020 884 M 11,8 M 11,8 M
Net income 2020 -17 607 M -234 M -234 M
Net Debt 2020 129 B 1 716 M 1 716 M
P/E ratio 2020 -0,06x
Yield 2020 -
Capitalization 2 773 M 36,9 M 36,9 M
EV / Sales 2019 69,6x
EV / Sales 2020 147x
Nbr of Employees 290
Free-Float 68,2%
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Managers and Directors
Madan Gopal Pendse Chief Financial Officer, Director & Controller
Rakesh Moreshwar Kanzode Secretary & Compliance officer
Venkata Rachakonda Non-Independent Non-Executive Director
Shiby Jobby Non-Independent Non-Executive Director