Voting date for Sintex Industries extended to March 18

The resolution professional of Sintex Industries has extended the voting date to March 18 for the four plans after many lenders sought time to seek their approval from their respective boards, said two people aware about the matter. All four plans – Reliance Industries -Assets Care & Reconstruction Company (ACRE) team; Himatsingka Ventures, Welspun and GFCL Ltd- were put to vote on March 3, the people said. The voting was originally scheduled to end on March 10 (today), people said.

Reliance Industries – ACRE team’s offer is highest at Rs 3651 crore among all four plans, as reported by ET. Himatsingka Ventures is offering Rs 3,297 crore, Welspun group entity is offering Rs 3,102 crore while GHCL is offering Rs 2,140 crore, as reported. The RP of the textile company has admitted Rs 7,534.6 crore claims from 27 financial creditors.

The RP invited a second round of bidding early last month in hope of receiving improved offers that would be above the liquidation value. The Reliance -ACRE team had earlier offered Rs 3,405 crore but improved its offer following negotiations with the lenders. The revised plan of Rs 3651 crore by Reliance-Acre is said to be above liquidation value, as reported earlier. Lenders are hesitant to put to vote plans of high-profile companies that are below liquidation value due to the fear of negative publicity and public scrutiny it may attract.