Moneycontrol PRO
Check Credit Score
Check Credit Score
HomeNewsBusiness

Deadline to submit bids for Srei Infra, Srei Equipment Finance extended to June 30

This is the second time that the deadline has been extended. The first deadline was May 17 but was extended to June 7 and now it is June 30.

June 07, 2022 / 05:55 PM IST
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 Infra include Union Bank of India, Punjab National Bank, Canara Bank, Indian Bank, and Bank of Baroda, among others.

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

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.

Moneycontrol News

Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347