looking to garner funds to secure bail for its Chairman Subrata Roy, Sahara Group is in advanced stages of tying up a financial package worth nearly $2 billion (over Rs12,000 crore) from US-based Mirach Capital Group. Sahara Group's Head of Corporate Finance Sandeep Wadhwa told news agency that documentation process is progressing and the deal with Mirach Capital is expected to be completed before February 20.
The deal under progress comprises investments to the tune of $1.1 billion and a senior loan of close to $882 million having a one-year tenure. The latter amount would be for replacing money borrowed from Bank of China related to Sahara Group's three overseas hospitality properties.