NARCL emerges as the highest bidder for SREI

06 Jan 2023 CW Team

National Asset Reconstruction Company (NARCL) emerged as the highest bidder in the auction for two finance companies - SREI Infrastructure Finance and SREI Equipment Finance – which began on Tuesday. NARCL's bid was the highest with a Net Present Value (NPV) of Rs 55.55 billion.

NARCL's bid reportedly includes upfront cash of Rs 30 billion and issuance of optionally convertible bonds worth Rs 60 billion.

Three bidders - Varde Partners and Arena consortium, NARCL and Authum Investment and Infrastructure – were in the fray in the auction which was held on an electronic platform. The total value of resolution plans submitted by the applicants involves upfront cash payout and deferred payments by way of instruments like debentures. A timeline to clear the dues ranges between 3-7 years.

Now lenders will look into the final resolution plan and conditions therein. COC is likely to meet on January 7, 2023, sources said.

NARCL, where public sector banks hold a majority stake, has made it clear that it will not be able to offer government-backed guarantees.

In October 2021, the Reserve Bank of India (RBI) superseded the boards of SREI Infrastructure Finance and SREI Equipment Finance for insolvency proceedings due to governance concerns and payment defaults by them. It also appointed Rajneesh Sharma, ex-chief general manager, of Bank of Baroda, as the administrator of the aforesaid companies.

Financial creditors have admitted claims totalling over Rs 320 billion. Financial lenders include the State Bank of India, Punjab and Sind Bank, Axis Bank, HDFC Bank, Union Bank of India, IDBI Bank, UCO Bank, and Indian Overseas Bank.

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