Sebi invites fresh counter bids for PACL group properties

Sebi yesterday invited fresh proposals from interested entities for the properties belonging to PACL group after receiving a new bid from the company. The entities have been asked to submit counter proposals till July 17 to the R M Lodha committee, in response to the new proposal submitted by PACL, the regulator said in a public notice. The committee has "received a revised proposal dated July 3, 2018 from PACL Ltd. The committee will consider counter proposals/revised proposals from persons or entities or corporates including PACL Ltd offering consideration higher than the revised proposal of PACL Ltd," the regulator noted. The committee has received a fresh proposal from PACL revising the total offer value for the properties to Rs 23,000 crore from Rs 20,000 crore earlier, Sebi said. The move is part of efforts made by the Securities and Exchange Board of India (Sebi) to recover funds totalling Rs 60,000 crore.