Assets Care & Reconstruction Enterprise Ltd. has given a binding offer to Life Insurance Corporation of India (NSEI:LICI) (LIC) to acquire its INR 34,000 million Reliance Capital Limited (NSEI:RELCAPITAL) bonds, said two people aware of the development. The offer by Assets Care and Reconstruction Enterprise (ACRE) has triggered a Swiss challenge auction, the people said. The ARC has offered 20-22 paise on a rupee recovery to the country's largest life insurer, one of the persons said.

The binding bid by ACRE is aligned with the offers the administrator has received from bidders of Reliance Capital, an Anil Ambani Group company undergoing corporate insolvency. ACRE and LIC did not respond to ET's request for comment. IDBI Capital Markets, the process advisor appointed by LIC for selling Reliance Capital bonds, invited expressions of interest by November 25, 2022.

Nageshwara Rao Y, the administrator of Reliance Capital, the holding company having about 20 various finance companies, has invited binding bids from interested parties by November 28, 2022.