Near a dozen entities exhibiting curiosity in buying the Noida-based conglomerate on an all money foundation difficult the NARCL’s provide, ET had reported final week.
“The candidates wished extra time so bidding has been prolonged to January 14. To date no critical bid has come but when something comes it would solely be on the final day,” mentioned an individual cited above.
Distressed aggregators just like the Kotak Mahindra Group backed Phoenix ARC, US primarily based Ares Administration Corp backed Acre ARC, Avenue Capital’s Arcil Arc and CFM ARC have expressed preliminary curiosity in submitting a bid, senior officers at these entities have informed ET. NBFC Capri Global and US primarily based various funding fund Cerberus Capital have additionally expressed curiosity, ET reported final month.
Bidding entities ought to have minimal web owned funds of Rs 500 crore to qualify for the public sale. ICMS had set January 7 as the ultimate date for curiosity events to submit paperwork associated to the bids. The e-auction was slated for January 8 following with NARCL will likely be given the possibility to both match to beat one of the best provide from the public sale.
ICMS has listed Rs 52,074 crore as the overall debt of the corporate led by Rs 15,465 crore owed to State Bank of India (SBI). NARCL’s Rs 12,000 crore bid envisages a 23% restoration for lenders which any competitor must beat. However not like NARCL’s provide with consists of 85% safety receipts backed by a authorities assure, all different entities must provide upfront money.
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