Other funds potentially affected include: MTNL Gratuity Trust, UltraTech Semco PF and Rajasthan Vidyut Karmachari Gratuity Trust, people familiar with the matter told ET.
“At present, the bondholders are in talks with the trustees as they explore their claims for the resolution process,” said a person privy to the matter.
Srei Group’s lenders are expected to vote on the group insolvency plan on November 17.
Two of the Srei group companies – Srei Infrastructure Finance and Srei Equipment Finance – owe ₹4,730 crore in bonds. These include secured and unsecured non-convertible debentures. The group’s total market borrowings taken by the central bank to the National Company Law Tribunal (NCLT) stood at Rs 30,783 crore at the end of FY2011.
Meanwhile, ET has reviewed the list of two dozen investors who had purchased bonds issued by Srei Group. Rajasthan Vidyut Karmachari subscribed through three sets of papers.
other investors
To be sure, the investment may not be enough for many of the pension funds mentioned above as there is no major single investor in these bonds. Subscribers also include many wealthy individuals and HUF (Hindu Undivided Family) organizations.
MTNL, PNB, UltraTech, Food Corporation and Rajasthan Vidyut did not respond to ET’s mailed queries.
Credit’s total liabilities are through a combination of loans, bonds and external commercial borrowings. The Indian Registrar of Shipping Staff Provident Fund and Caledonian Jute Mills Workers PF are also invested in these bonds.
Besides, smaller companies like Sadbhav Engineering, Suruchi Foods, Maharashtra Enviro Power and YMS Finance are among other investors. He could not be immediately reached for comments.
State Bank of India (SBI), Axis Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Punjab National Bank, UCO Bank and Union Bank of India are the major lenders to the group. SBI is said to have the largest share of lending.
Under the group insolvency, a joint resolution plan will be drawn up for both SREI Infrastructure Finance and SREI Equipment Finance. Both were admitted to the corporate insolvency and resolution process last month on the orders of the central bank.
The first meeting of the Committee of Creditors (CoC) was held on November 2, when Reserve Bank of India (RBI)-appointed administrator Rajnish Sharma informed the lenders about the finances of two debt-ridden companies.