Three bidders submit resolution plans for bankrupt Srei Group firms
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Srei group firms, which are undergoing bankruptcy proceedings, received three bids on Wednesday — the last date for submission, said sources.
According to sources, Arena Investors LP and VFSI Holdings, an affiliate of Varde Partners, were among those who submitted plans. Response to e-mails sent to Arena and Varde were awaited at the time of filing the report.The bids would be scrutinised by the Committee of Creditors (CoC) for compliance.
The bid submission comes about four months after prospective applicants submitted their expression of interest (EOI). About 13 entities had shown interest.
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Tesla CEO Elon Musk deferring his India visit this week has had no effect on buzz that his company will eventually have a base for electric vehicles (EV) in the country.
Analysts say Musk deferred his visit to meet Prime Minister Narendra Modi due to Lok Sabha elections when the government attention is focused on campaigning and it cannot announce major policy.
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Bajaj Finserv Ltd (BFL) on Friday reported a 20 per cent increase in consolidated net profit to Rs 2,119 crore for the March quarter.
The company had posted a net profit of Rs 1,769 crore in the year-ago period.
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Prime Minister Narendra Modi on Thursday claimed that former premier Rajiv Gandhi abolished the inheritance tax in 1985 after the death of his mother Indira Gandhi to save her wealth from going to the government, continuing his attack on the Congress on the wealth redistribution issue.
Addressing an election rally in Madhya Pradesh's Morena city, Modi alleged that Congress wanted to bring back the inheritance tax or estate duty, a levy imposed on inherited movable and immovable assets.
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Shares of Housing & Urban Development Corporation (HUDCO) hit a record high of Rs 234.30, zooming 15 per cent on the National Stock Exchange (NSE) in Friday's intra-day trade amid heavy volumes on expectations of good growth going forward. Last week, the Department of Public Enterprises (OPE) granted the Navratna Status to HUDCO.
The stock of the state-owned financial institution surpassed its previous high of Rs 226.95 touched on February 2, 2024. It has bounced back 43 per cent from the low of Rs 163.80 hit on March 13.
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Shares of GMR Airports Infrastructure shot up 8.2 per cent at Rs 92.34 a piece on Friday’s intraday trade. A combined 3.07 million shares of the company changed hands on the BSE. In comparison the S&B BSE Sensex fell by 0.31 per cent 74,109 levels.
The stock of GMR Airports reached a 52-week high of Rs 94.30 on February 20, 2024, while it hit a 52-week low at Rs 40 on May 29, 2023.
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