Srei lenders want more upfront cash from bidders; decision likely on Sep 17

Negotiations underway on increasing bid amount, shorter payment schedule

The committee of creditors (CoC) of the Srei group has started negotiations with the two resolution applicants after financial bids were received earlier this month, and will be asking for more upfront cash payment from the bidders, as well as improvement in the total bid value.

Against a total admitted claim of Rs 32,749.71 crore of 44 lenders, the two bidders have submitted bids of around Rs 14,000 crore each for the Srei group companies — Srei Infrastructure Finance Limited and Srei Equipment Finance Limited. Arena Investors and Varde Partners have made a joint bid. The other bid came from Shon Randhawa and