Lenders ask Vishal Retail to tap PE investors

Creditors have asked the promoters of beleaguered Vishal Retail to tap investors to expand the equity capital. The move, aimed at lowering debt, was part of a package discussed by lenders before they take up a proposal under the corporate debt restructuring (CDR) mechanism.

“Many private equity players have shown interest in the retail chain. The terms sheet is in place to negotiate for investments,’’ said a senior public sector bank executive.