At Least 9 Suitors Submit Expressions Of Interest As Deadline Ends

At least nine suitors have submitted an Expression of Interest (EOI) to acquire SREI Group companies under the insolvency and bankruptcy code, two people directly involved in the matter told CNBC-TV18 on the condition of anonymity as the details are not public.

The deadline to submit EOIs for both SREI Group companies- SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL)- ended on Saturday evening.

Assets reconstruction companies including JM Financial ARC, Asset Reconstruction Company of India Limited (ARCIL), and Prudent ARC are among suitors that have submitted EOIs, according to the people cited above.

New York based private equity firm Charlestown Capital Advisors and Star Asia Group have also jointly submitted an EOI, said people quoted earlier.

Among strategic players, Jindal Power, and Welspun Group’s company Diameter Trading have both submitted EOIs, as per people in the know.

The last date of submission of final resolution plans by shortlisted applicants has been set for April 26.

SREI Equipment Finance and SREI Infrastructure Finance were admitted into the bankruptcy court on February 15 this year, after the Reserve Bank of India superseded the boards of both the companies due to governance concerns and defaults.

Financial creditors have claimed over Rs 11,070 crore from SREI Infrastructure Finance Ltd, and Rs 34,223 crore from SREI Equipment Finance.

Key lenders to SREI Infra include Union Bank of India, Punjab National Bank, Canara Bank, Indian Bank, and Bank of Baroda, among others. Key lenders to Srei Equipment Finance include Canara Bank, Union Bank of India, State Bank of India, among others.

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First Published: Mar 12, 2022, 08:16 PM IST