UK’s Varde may get troubled Srei cos for ₹14,000 crore

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KOLKATA: Srei Infrastructure Finance (SIFL) and Srei Equipment Finance (SEFL), which are going through insolvency proceedings, are believed to have got “very good” financial bids. Sources said that London-based Varde Capital has put in a bid of over Rs 14,000 crore. This, along with Rs 2,500 crore in the group’s balance sheet, would fetch a recovery of almost 50% for the creditors. This is higher than the average Insolvency and Bankruptcy Code (IBC) recovery.
According to the sources, the second-highest bid was also in excess of Rs 10,000 crore. Meanwhile, another bidder Arena Capital sought time for the bank guarantee, and was granted till August 19. The bids will be opened on that day, the sources added. They said that the three resolution applicants that filed bids are VFSI Holdings Pte, Arena Investors and Shon Randhawa.
VFSI Holdings is an asso- ciate of London-based Varde…

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