Entertainment Network (India) Limited (NSEI:ENIL) (Radio Mirchi) and Radio Orange have bid INR 2,510 million to acquire Reliance Broadcast Network Limited (BIG FM Radio network), sources said. Haryana-based Sapphire FM is the other bidder in the race for BIG FM, which is undergoing an insolvency process. Incidentally, Sapphire FM has also made a bid of INR 2510 million for Big FM.

The bidders couldn't immediately be reached for comments. Both the bidders -- Radio Mirchi & Orange FM consortium and Sapphire FM -- have offered to pay the bid amount within 30 days. Sources close to the process also revealed that the lenders are likely to ask both the bidders to revise their bids upward.

Also, INR 600 million cash lying in the company's accounts will also go to the lenders, they said. After considering the cash at Big FM, the total recovery for lenders could be as high as 55% to 60% against the total admitted claims of INR 5,780 million.