{"id":367478,"date":"2020-08-13T10:59:26","date_gmt":"2020-08-13T05:29:26","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=367478"},"modified":"2020-08-13T10:59:26","modified_gmt":"2020-08-13T05:29:26","slug":"lenders-seek-better-offers-for-cg-power-under-swiss-challenge","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/lenders-seek-better-offers-for-cg-power-under-swiss-challenge\/","title":{"rendered":"Lenders seek better offers for CG Power under Swiss Challenge"},"content":{"rendered":"<p>MUMBAI: Led by State Bank of India (SBI), lenders to CG Power and Industrial Solutions Ltd on Wednesday sought resolution plans from bidders under the Swiss Challenge method, according to a public notice. This comes after Murugappa Group-led Tube Investments of India Ltd agreed to invest \u20b9700 crore in the company for a 56% stake.<\/p>\n<p>Under the Swiss Challenge method, a prospective buyer offers a bid to the lender, which then publicly calls for counter bids from other potential buyers. The new bidders are expected to put in higher bids than the original bidder, making the process more competitive.<\/p>\n<p>All lenders to CG Power have entered into an inter-creditor agreement on 11 August, under the Reserve Bank of India\u2019s (RBI) stressed asset resolution framework of 7 June 2019. They have also appointed SBI Capital Markets Ltd (SBI Caps) as process advisors.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MUMBAI: Led by State Bank of India (SBI), lenders to CG Power and Industrial Solutions Ltd on Wednesday sought resolution plans from bidders under the Swiss Challenge method, according to a public notice. This comes after Murugappa Group-led Tube Investments of India Ltd agreed to invest \u20b9700 crore in the company for a 56% stake. Under the Swiss Challenge method, a prospective buyer offers a bid to the lender, which then publicly calls for counter bids from other potential buyers. The new bidders are expected to put in higher bids than the original bidder, making the process more competitive. All [&hellip;]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[139,130,237],"tags":[],"class_list":["post-367478","post","type-post","status-publish","format-standard","hentry","category-live-mint","category-newspapers","category-power-live-mint"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/367478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=367478"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/367478\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=367478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=367478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=367478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}