Leading FM Radio network Radio Mirchi, a part of Entertainment Network India Limited (ENIL), and Radio Orange have placed a bid of Rs 251 crore to acquire BIG FM Radio network. Sapphire FM, a Haryana-based company, has also made the same bid. The lenders are considering asking both bidders to revise their bids upward. The bid amount is expected to be paid within 30 days. Additionally, Rs 60 crore cash lying in the company’s accounts will go to the lenders. The total recovery for lenders could be as high as 55 to 60 per cent against the total admitted claims of Rs 578 crore. BIG FM, owned by Reliance Broadcast Network Ltd (RBNL), is the largest radio network in the country with 58 stations. It has a reach of over 1,200 towns and 50,000 villages. In February this year, RBNL was admitted to insolvency following a plea by IDBI Trusteeship Services Ltd due to failure to repay a debt of Rs 175 crore. The lenders of BIG FM have total admitted claims of Rs 578 crore, with IndusInd Bank having the largest claim of Rs 172 crore, followed by HSBC Asset Management (Rs 238 crore), Franklin Templeton MF (Rs 103 crore), and Reliance Commercial Finance (Rs 64 crore). The insolvency application revealed that RBNL also failed to clear a financial debt of Rs 175 crore owed to L&T Investment Management Limited. L&T had subscribed to Non-Convertible Debentures (NCDs) worth Rs 200 crore issued by Reliance Broadcast in 2015 and 2016. IDBI Trustee Services acted as the trustee for L&T Investment Management Services, while Reliance Capital acted as the guarantor for Reliance Broadcast Network. When the NCDs were due for redemption in 2020, Reliance Broadcast failed to make the payment.