CARE has revised its ratings of Srei Infrastructure Finance’s (SIFL) bank facilities, long term infrastructure bonds and non convertible debentures to credit watch with negative implications.
The rating agency said the revision takes into account the developing implications of the slump exchange for the transfer of lending business, interest earning business and lease business of SIFL to its wholly owned subsidiary Srei Equipment Finance (SEFL).
SEFL has approached NCLT, Calcutta, with a scheme of arrangement to obtain formal consent from the required majority of lenders for the slump exchange and also for restructuring of its liabilities, including a part of the debt transferred from SIFL.
