Srei Equipment Finance obtains financing interest from two global funds

Srei Equipment Finance obtains financing interest from two global funds

Brickwork Ratings and several others had separately moved NCLAT against the NCLT order. CARE Ratings has downgraded Srei’s ratings for ₹29,240.3 crore debt to “default”, after this favourable NCLAT order in a separate case it filed along with others. Srei Equipment Finance was granted a six-month repayment moratorium by the Kolkata bench of the National Company Law Tribunal (NCLT) till 30 June. Parts of that order has, however, been challenged by multiple institutions including the Reserve Bank of India (RBI) and a few rating agencies. In fact, the National Company Law Appellate Tribunal (NCLAT) has ordered an interim stay on a specific section of the Kolkata NCLT order that had restricted any action by the RBI against the Srei group. Meanwhile, debenture trustees Axis Trustee Services Ltd and Catalyst Trusteeship Ltd, which represent bondholders, have also jointly moved the tribunal against the order.

“The SCC will engage in discussions with the potential investors to raise fresh capital for the business, which will provide cushion against the pandemic induced stress in the Indian financial services space,” the statement added. The statement said that Arena Investors LP is a multi-strategy investment firm with $2.2 billion of committed capital and the firm’s investment mandate is “unconstrained” in terms of asset class and industry. On the other hand, Makara Capital Partners is under the regulatory purview of the Monetary Authority of Singapore and was founded in 2005, it said. Makara Capital, Srei said, specialises in fund management, private equity as well as structuring and financing with a core focus on innovation, infrastructure and energy.

The SCC, Srei said, will also be the nodal point for a comprehensive cash flow realignment plan with banks and financial institutions and for all external service providers, including investment bankers, lawyers and consultants. “The company’s strategic coordination committee (SCC), chaired by Malay Mukherjee, independent director, will coordinate, negotiate and conclude discussions with the PE investors to bring the capital into the business and advise the management. Ernst & Young (E&Y) will be advising the committee on the proposed fund-raising exercise,” it said.

Source www.livemint.com * Thank you for subscribing to our newsletter.

* Enter a valid email Subscribe to Mint Newsletters

The News Highlights

  • Srei Equipment Finance obtains financing interest from two global funds
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more

For Latest News Follow us on Google News


Latest Headlines
  • Show all
  • Trending News
  • Popular By week
Apple debuts AirTag to easily track your lost items, such as keys

Apple debuts AirTag to easily track your lost items, such as keys

AirTags are similar to trackers produced by Tile, which sells its own devices for $39 for a pack of two small trackers or $59 for a pair of larger, more robust ...
Belarus denounces US-imposed sanctions on 9 state-owned companies |  Your money

Belarus denounces US-imposed sanctions on 9 state-owned companies | Your money

The Belarusian government said the country’s gross domestic product dropped 0.9% last year; the World Bank’s forecast before the U.S. reimposed sanctions on ...
3 Ways Sports Streamers Can Make More Money

3 Ways Sports Streamers Can Make More Money

Kim Hurwitz, chief marketing officer with Fite TV, touched on a second way that sports streamers could garner more revenues: through micro-viewing. ...
You will soon receive a discount check from your health insurer

You will soon receive a discount check from your health insurer

Source You can read more on the rebates here. Not every insurance consumer will receive a rebate and the amount will vary by market. About $1.5 billion will ...
3 Ethereum ETFs to start trading today in Canada, with the crypto fever continuing |  Currency news |  Financial and business news

3 Ethereum ETFs to start trading today in Canada, with the crypto fever continuing | Currency news | Financial and business news

But the US Securities and Exchange Commission has been slow to approve the launch of a US bitcoin or ethereum ETF, as it continues to sit on several ...
Fortnite update patch notes – Grappler Bow enters the game, along with surprise update from Switch Games |  Training

Fortnite update patch notes – Grappler Bow enters the game, along with surprise update from Switch Games | Training

Thankfully, the new update has fixed the problem, so expect the LTM to return soon. “The Team Up! Aloy & Lara LTM has been temporarily disabled until the ...
Media Advisory: UC Davis LIVE on pandemic mental health

Media Advisory: UC Davis LIVE on pandemic mental health

Questions can be submitted via Facebook and Twitter either in advance or during the show. The conversation, hosted by Soterios Johnson, will be streamed ...
That Ghosts ‘n Goblins Resurrection Game Is Coming to PS4 – Push Square

That Ghosts ‘n Goblins Resurrection Game Is Coming to PS4 – Push Square

When Ghosts ‘n Goblins Resurrection hit Nintendo’s hybrid system back in February, our chums over at Nintendo Life seemed to enjoy the masochistic ...
Chaska Curling Center adjusts to new procedures |  Chaska  News

Chaska Curling Center adjusts to new procedures | Chaska News

“We staggered the starting ends so every other sheet of ice starts at a different end of the arena to space people out. In the end, curlers have done a great ...
How video games affect your brain and body

How video games affect your brain and body

Source Video games are designed to keep you in front of the screen. “If you’re doing it to the detriment of other things that are good for you, like ...
Show next
Compsmag - Latest News from tech, business and health
Logo