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Debt financing

RIL-ACRE's Rs.3651-Cr offer for Sintex Industries gets over 90% support from lenders

Economic Times  

The bid by the Reliance Industries Ltd-Assets Care and Reconstruction Enterprise Ltd (RIL-ACRE) consortium to acquire Sintex Industries Ltd, which is undergoing insolvency proceedings, got more than 90% support from lenders. The other three resolution applicants in the fray were Himatsingka Ventures, a Welspun Group entity and GHCL. RIL-ACRE had made the highest offer of INR 3,651 crore as part of a plan that includes payments to verified lenders, trade creditors and employees. The RIL-ACRE offer also includes 15% equity to verified lenders. The Himatsingka Ventures offer was at INR 3,297 crore, that of the Welspun group entity was INR 3,102 crore and GHCL's was INR 2,140 crore. The RP of the Gujarat-based company has admitted claims worth INR 7,534.6 crore from 27 financial creditors.