PremiumKolkata-based non-bank lender Srei Infrastructure Finance Limited has received an expression of interest (EoI) for capital infusion from Cerberus Global Investments B.V, it said on Saturday. Earlier, the NBFC had said that it had received EOIs from two private equity (PE) funds, US-based Arena Investors LP and Singapore’s Makara Capital Partners.
“SEFL has proceeded with discussions with both Arena Investors and Makara Capital and the company's Strategic Coordination Committee (SCC), chaired by independent director Malay Mukherjee, is currently engaged in discussions with the private equity funds to bring capital into the business," it said
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Premium Cerberus is one of the world's leading private investment firms with approximately $53 billion under management across multiple strategies. Cerberus is headquartered in New York City, USA, and has advisory offices in Mumbai, Tokyo, Hong Kong, Singapore, Beijing, London, Dublin, Dubai, Madrid, Frankfurt, among others.
“SCC has been running an independent process for investments in SEFL and many large players have evinced interest. The proposed capital infusion, which is being carried out in parallel to the company's debt realignment plan, is expected to provide a cushion against the pandemic-induced stress in the Indian financial services space," it said. Ernst & Young is advising the SCC on the fundraising exercise.
SEFL had proactively approached the Hon'ble National Company Law Tribunal (NCLT) with a scheme that proposed repayment of the loans that it had borrowed in an orderly manner over a period of time.
The company said it had anticipated the impact of covid-19, and approached the NCLT with a scheme that proposed repayment of the loans in an “orderly manner over a period of time".
Last December, Srei was granted a repayment moratorium by the Kolkata bench of the NCLT from 1 January to 30 June. Under this scheme of arrangement, the company proposed to make repayments to various categories of debenture holders over various periods. For instance, retail investors will get their interest accrued during the moratorium period within 15 days of it ending. The order has been challenged by the Reserve Bank of India (RBI), bondholders and credit rating agencies in the National Company Law Appellate Tribunal (NCLAT).
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