As per the indicative offers, the investors will acquire 51 percent stake valuing the housing finance firm at around Rs 1500-2000 crore.
ICRA estimated lenders lost Rs 4,000 crore in the dozen high profile cases referred in the first phase.
Liquidity squeeze and a lack of confidence in finance companies' short-term papers spark crisis.
The central bank reduces the minimum tenor for borrowing through the ECB route to three years from five years and the tenure required for exemption from mandatory hedging is cut to five years from 10 years.
Those papers offered 8.95% with 10-year maturity at a time when investors are mostly seen shying away from making new investments due to liquidity concerns.
LIC of India is expected to subscribe to those long-dated papers that may open for subscription this week.
Rollover of CPs means issuance of fresh papers when old series mature.
Talks are mainly to infuse equity capital or mezzanine debt or a structured financial instrument to ensure much-required capital, the source said.
The bonds would open for subscription in the next seven days with one-three and 10-year maturities.
RBI would allow banks to partially stand-in as guarantors for some bonds issued by a few NBFCs and HFCs.
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