Floundering Indian supermarket chain Subhiksha has offered significant amounts of equity for sale to other retailers, reported the Times of India.
The Times said Aditya Birla, Reliance and the Future group, among others, had been approached about buying equity from the chain, which needs about Rs3bn (US$61.5m) to get it out of trouble.
The investment bankers reportedly making the rounds of possible buyers were not identified as being from Subhiksha, existing investors, lenders or working independently.
Subhiksha recently qualified for corporate debt restructuring (CDR).
'On equity, the approach is to take a look at this post the CDR approval. The first right of refusal would be with existing investors. Of course, if there is a spillover, it can go to a new investor,' managing director R Subramanian told the Times.
