A lot depends on how Srei shapes up under the new administrator and his team, which is critical for investors' interest.
The Reserve Bank on Monday superseded the boards of Srei Infrastructure Finance as well as Srei Equipment Finance, citing concerns over governance and payment defaults, and decided to refer the two NBFCs for resolution under the insolvency law. This is only the second time in as many years that the Reserve Bank of India (RBI) is referring entities for the resolution process under the Insolvency and Bankruptcy Code (IBC) after taking first ever such step in the case of DHFL back in 2019. Superseding the boards of the crisis-hit Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL), the RBI has appointed Rajneesh Sharma, former Chief General Manager of Bank of Baroda as the administrator to manage the affairs of the two companies.
Superseding the boards of two non-banking financial companies (NBFCs) in the Srei group will neither create liquidity challenges for sound entities, nor build systemic crises because the markets have factored in the problems with the Kolkata-based firms. Such regulatory steps will help in making the NBFC space more robust, bankers and market experts said. The action should have begun earlier because the Reserve Bank of India (RBI) had done a special audit last financial year and asked the group to make provisions for assets considered stressed, analysts said.
SREI Infrastructure Finance Limited, one of the leading infrastructure project finance and infrastructure equipment finance company in India, got listed in the LSE on Thursday.
Hemant Kanoria tells Niraj Bhatt why understanding the dynamics of the borrower's business is critical for the lender.
SREI International Finance has roped in BIO of Belgium for a Rs 25 crore (Rs 250 million) investment for funding of infrastructure equipment and renewable energy products.
Infrastructure equipment and finance company SREI International Finance, along with its associate company Indian Infrastructure Equipment, has struck a deal with Tata Motors for 10,000 vehicles.
Srei Infrastructure Finance last month sold 50 per cent stake in a part of its business equipment financing arm to France's largest bank BNP Paribas for Rs 775 crore
New norms are in place to strengthen regulations for this set of lenders which has been playing a critical role in Asia's third largest economy, notes Tamal Bandyopadhyay.
Investors remain cautious ahead of F&O expiry.
Srei Infrastructure's vice-chairman -- and former Assocham president -- Sunil Kanoria discusses the Kanoria businesses and his impression of the Modi government with Ishita Ayan Dutt and Namrata Acharya.
Budget in the medium term aims to kick-start the investment cycle.
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