Reliance Power and CFM offered upfront cash, while NARCL’s offer is a combination of cash and security receipt. Early this month, CFM ARC improved its offer to `1,220 crore while Reliance Power made a revised offer of `1,260 crore. The offer by the promoter is backed by Varde Partners, which acquired a 15% equity stake in the company by infusing `930 crore in September last year. A Reliance Power spokesperson said: "We are committed to maximise the value for our lenders.
