SREI Infra and SREI Equipment Fin extend deadline for bid submission by another month

CNBC-TV18 has learnt that there is going to be a further delay in the resolution of the SREI twins — SREI Infra and SREI Equipment Finance — under the insolvency code as the administrator of the two companies has decided to extend the deadline for the final bid submission by another month, June 30 to July 31, at the request of some suitors.

CNBC-TV18 had reported earlier there are 13 players who had submitted expressions of interest to acquire both SREI group companies under IBC. These include VFSI Holdings, Vedanta, Jindal Power, Arena Investors, Edelweiss Alternative Investments, asset reconstruction companies like ARCIL, ACRE, International ARC, JM Financial and others.

However, CNBC-TV18 learned from banking sources that they are only expecting about three to four of these players to come forward with binding bids. Several of the others are not expected to participate in this.