Srei Gear Finance (SEFL), a completely owned subsidiary of Srei Infrastructure Finance, on Friday mentioned it has obtained a time period sheet from Singapore-based non-public fairness investor Makara Capital Companions, indicating curiosity for funding of Rs 2,200 crore by the use of subscription to fairness shares and different securities of the corporate.
In April, the corporate had obtained an expression of curiosity (EoI) from Makara Capital for capital infusion in it. Additionally, it had obtained an EoI from US-based Area Buyers.
SEFL’s strategic coordination committee (SCC), chaired by an unbiased director, will consider the Makara Capital’s supply and make the advice to the board, in keeping with a inventory change submitting.
Earlier, the corporate mentioned the SCC was operating an unbiased course of for investor identification and this course of was being carried out in parallel to the debt realignment plan. “The SCC will interact in discussions with potential buyers to lift recent capital for the enterprise, which is able to present cushion towards the pandemic-induced stress within the Indian monetary providers house,” it had mentioned.
On Friday, Srei Infrastructure Finance’s scrip on the BSE closed 9.94% increased at Rs 14.49.
The Reserve Financial institution of India had appointed an auditor in November final yr to conduct a particular audit of Kolkata-based Srei Infrastructure Finance and SEFL. KPMG and DmKH & Co had been additionally employed for forensic audits.
After Srei had proposed debt restructuring, its lenders proposed appointment of a forensic auditor earlier than approving the debt realignment plans.
Srei Gear Finance had approached the Nationwide Firm Regulation Tribunal, Kolkata, with a scheme of association which proposes association with six sorts of collectors.