SEFL forms SCC for raising fresh capital

Hyderabad: The board of Srei Equipment Finance Limited ("SEFL") at its meeting held on Tuesday, constituted a Strategic Coordination Committee (SCC), comprising of Independent Directors. The SCC will coordinate, negotiate and conclude discussions with potential strategic and/or private equity investors, to raise fresh capital for the business.

The SCC will be chaired by Malay Mukherjee, Independent Director and the other committee members will be the Independent Directors being Suresh Kumar Jain, Dr. Tamali Sen Gupta, Uma Shankar Paliwal and Shyamalendu Chatterjee with invitees having relevant domain knowledge. SEFL, one of India's largest equipment finance companies, said that it has received expression of interest from international investors for proposed capital infusion.

The proposed capital infusion is expected to strengthen SEFL's capital base and help the company emerge out of pandemic induced stress in Indian financial services space.

For NBFCs, money is the raw material. SEFL has been continuously exploring opportunities to strengthen its capital base. The expression of interest from renowned global institutional investors reflects the confidence that international investors have on Srei's business. The company will be working towards resolving matters with the creditors at the earliest.

The committee will take forward the expression of interest received from international investors and will also initiate discussions with other potential suitors who have been in touch with the company over the last one year in consultation with the management. The committee will be assisted by advisors and investment bankers who will be working closely with the members.