At least 17 companies have expressed interest in buying Srei companies

No fewer than 17 companies, including Singapore-based Makara Capital and some large asset reconstruction firms, have submitted their formal expressions of interest (EoIs) to acquire indebted companies of the SREI Group under the consolidated corporate bankruptcy proceedings, sources familiar with the development said Persons with FE.

Makara Capital and asset reconstruction companies including JM Financial Asset Reconstruction Company and Asset Reconstruction Company (India) Limited (ARCIL) have already submitted EOIs. The number of EoIs is expected to increase as some documents come via courier services, the above people said. Saturday was the last date for submitting EoIs. An email to Rajneesh Sharma, the administrator of the two companies, remained unanswered at the time of going to press.

Big companies including Vedanta Limited, Adani Group and Jindal Steel & Power may also join forces with some of the companies in the form of a consortium, sources said.
The bankruptcy proceedings against the two NBFCs began in October last year after bankruptcy filings filed by the Reserve Bank of India were approved by the NCLT’s Kolkata bank. Rajneesh Sharma, former chief general manager of the Bank of Baroda, took charge of the two Srei companies after the central bank hit both companies hard over governance issues and replaced the boards in October last year.

Specifically, as of January 31, the insolvency practitioner has admitted commercial banks’ total claims of Rs 22,964.64 crore on SIFL and SEFL against the total amount of Rs 25,115.29 crore claimed from them.

The NCLT’s Kolkata bank on October 8 gave its approval to open bankruptcy proceedings against the two companies after RBI filed bankruptcy filings against them. The central bank filed the bankruptcy filings shortly after the Bombay High Court dismissed a written filing by two founders of the Srei Group challenging RBI’s decision to remove the boards of those companies and institute bankruptcy proceedings against them.

https://www.financialexpress.com/industry/at-least-17-entities-express-interest-to-buy-srei-firms/2459133/ At least 17 companies have expressed interest in buying Srei companies

Chris Barrese

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