ACRE submits Anchor bid to buy 5 Zee Group accounts
ACRE) has submitted an anchor bid to acquire five non-performing loan (NPL) accounts associated with Subhash Chandra's Zee Group or Essel Group from JC Flowers ARC, offering ₹505 crore in cash against total outstanding debt of ₹1,350 crore.
The bid indicates a recovery of 37%.
JC Flowers Asset Reconstruction Company, which is managing the auction process as the trustee for JCF Yes Trust, has scheduled a Swiss auction on November 6 with a reserve price of ₹505 crore, based on the anchor bid.
Under the rules of the auction, ACRE, backed by US investment firm Ares Management, will have the right to match the highest counter bid on that day. The winning bid will be declared on November 8.
Bidders will have to submit bids for the entire pool and JC Flower ARC will not entertain any bid for individual financial assets, according to the bid document. The minimum markup is fixed at ₹25.25 crore over and above the anchor bid.
Legal
Commercial Contract and Dispute Resolution
By — Mukul Sharma, Partner- Cyril Amarchand Mangaldas
Office Productivity
Mastering Microsoft Office: Word, Excel, PowerPoint, and 365
By — Metla Sudha Sekhar, IT Specialist and Developer
Finance
A2Z Of Finance: Finance Beginner Course
By — elearnmarkets, Financial Education by StockEdge
Strategy
ESG and Business Sustainability Strategy
By — Vipul Arora, Partner, ESG & Climate Solutions at Sattva Consulting Author I Speaker I Thought Leader
Web Development
A Comprehensive ASP.NET Core MVC 6 Project Guide for 2024
By — Metla Sudha Sekhar, IT Specialist and
