A Vedanta Limited (NSEI:VEDL) affiliate company and Eight Capital Management LLC are among 11 bidders who have submitted binding offers for Videocon Industries Limited (BSE:511389), which is undergoing insolvency proceedings at the National Company Law Tribunal (NCLT), according to people aware of the matter. Dixon Technologies (India) Limited (BSE:540699)is also among the bidders, said the people. The bids were disclosed at a bankers meeting on September 2, 2020.

They will be vetted for legal compliance before they are opened and the financial offers discussed, according to banking executives in the know. Videocon's promoters, the Dhoot family, also submitted a competing offer for the company to the lenders consortium led by the State Bank of India (NSEI:SBIN) (SBI), but the offer was described as a “non-starter” by one of the bankers, said one of the persons cited earlier, who spoke on condition of anonymity. The SBI-led consortium is looking to recover INR 200 billion in dues from the company.

Some of the binding offers are for the entire company and to keep Videocon running as a going concern while a few offers are for individual assets of the company such as its real estate, said another person. “Vedanta Limited has not submitted any proposal,” a Vedanta group spokesperson said in response to ET's Queries. Queries sent by ET to Eight Capital and the State Bank of India did not elicit a response till press time on September 2, 2020.

Dixon Technologies could not be reached for comment.