Essar Group to get Rs 1500-cr 'Bridge Equity' from US Hedge Fund

In a shot in the arm for the debt-laden Essar Group, American hedge fund Farallon Capital has come forward to offer a 'bridge equity' of about Rs 1500 crore, reports The Economic Times. The equity will go some way in resurrecting the fortunes of Essar Steel, say multiple sources to the newspaper. 

 

In an offshore entity run by Essar promoters, the US fund will have a quasi-equity exposure. This vehicle will invest the money in Essar Steel's equity. The newspaper reports that this investment will be against shares pledged by Essar Group founders Shashhi and Ravi Ruia, who will be returning the fund its money once the Rosneft-Essar Oil deal is over. 

 

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