Radio Mirchi, 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. Lenders are likely to ask both bidders to revise their bids. The lenders will also receive Rs 60 crore cash from the company’s accounts. 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 is the largest radio network in the country with 58 stations and coverage in over 1,200 towns and 50,000 villages.