The deadline for submitting bids for SREI Group companies—SREI Infrastructure Finance Limited (SIFL) and SREI Equipment Finance Limited (SEFL)—has been extended to June 30, CNBC TV-18 reported on June 7.
"Bidders wanted more time, so we have decided to give them three more weeks. June 30 will be the new deadline," the channel quoted an executive as saying.
The deadline for submitting proposals was May 17 but was extended to June 7 and now it has been moved to June 30.
Bidders requested extra time before making final offers because of the complicated nature of the deal including the SREI group companies, sources said.
Moneycontrol couldn’t independently verify the report.
Sources told the channel that the expressions of interest (EOIs) invited were for the resolution of SREI Infrastructure and SREI Equipment Finance and any EOIs for selective assets would not be accepted by lenders.
In March, 14 suitors submitted EOIs under the insolvency and bankruptcy code to buy SREI Group firms.
Among those who submitted EOIs were asset construction companies such as JM Financial ARC, Asset Reconstruction Company of India Limited (ARCIL), and Prudent ARC.
Arena Investors LP Ltd of New York, Varde Investments' affiliate VFSI Holdings, Jindal Power, and Welspun Group's Diameter Trading all made expressions of interest for the twins.
EOIs were also submitted by New York-based private equity company Charlestown Capital Advisors and Star Asia Group, among others.
After the Reserve Bank of India replaced the boards of both companies due to governance difficulties and defaults, SREI Equipment Finance and SREI Infrastructure Finance were admitted to bankruptcy court on February 15, 2022.
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, Punjab National Bank, State Bank of India and Bank of Baroda, among others.
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