Reliance Naval at 5% UC

Penny stock, Reliance Naval, is attracting attention today. The stock opened today at its 5% UC of the day at Rs.2.90, where it remains frozen.

The company, which failed to repay Rs.12,400 crore worth of debt is under the Insolvency and Bankruptcy Code and with the NCLT for dent resolution.

Under this, the unconfirmed news is that the Naveen Jindal Group, APM Terminals of the Netherlands, and a consortium of GMS of Dubai and Besiktas Group of Turkey have evinced interest and have submitted their final bids for the company.

The Committee of Creditors (CoC) is meeting today to evaluate the bids and select the highest bidder.

All banks have already written off the entire amount and have transferred their debt to the newly-created National Asset Reconstruction Company for debt resolution.