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With Future merger delayed, RBL Bank looks to sell ₹105-crore FCRPL debt

is seeking buyers for its ₹105-crore loan exposure to Future Corporate Resources Pvt Ltd (FCRPL), which holds a majority stake in Future Coupon, a 51:49 joint venture with Amazon, said people with knowledge of the matter.

FCRPL is among 25 corporate loans for which RBL is seeking offers, the people said. The decision to sell it comes in the wake of considerable delay in the two-stage merger of 19 Future Group companies with Future Enterprises, followed by a slump sale to

Group entities.

RBL is the first private bank to invite offers for a Future company. Over a dozen lenders have a cumulative loan exposure of over ₹25,000 crore to companies of the Kishore Biyani-promoted group.

“The long stop date to close the deal has been extended to March 31, 2022, and yet there is no certainty over timelines,” said one of the persons aware of the private bank’s list.

The delay is because of a legal dispute between Future and Amazon, with the US ecommerce giant seeking to block the proposed deal with Reliance Industries.

RBL Bank Invited EoIs

Amazon claims its agreement with Future Coupons bars Future Retail from selling its assets to some parties, including Reliance. The Supreme Court is scheduled to hear the matter on January 11.

Early this week, the private bank invited preliminary expressions of interest for 25 corporate accounts aggregating to Rs 1,078 crore. The bank has neither indicated a reserve price for any of the accounts nor a deadline for submitting offers, the people said.

Some of the other large accounts include KKR-backed Sintex BAPL and Coffee Day Enterprises-promoted Sical Logistics, the people said. Both these companies have been admitted to the bankruptcy court for debt resolution. In both cases, the resolution professional is yet to receive binding bids.

Other Corporate A/cs

The list also includes McLeod Russel India (Rs 300 crore), Simplex Infrastructure (Rs 148.5 crore), Peninsula Land Ltd (Rs 62 crore) and Veria Lifestyle (Rs 74 crore).

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