Top ARCs vie for three road projects, metals company metenere
asset reconstruction companies including global fund JC Flowers ARC and Varde Partners-backed Aditya Birla ARC are participating in the Swiss auctions that lenders have initiated for three road projects — Pink City Expressway, Haridwar Highways Project, and Rohtak Hissar Tollway — and Metenere, a manufacturer of recycled non-ferrous products.
Kotak Mahindra Bank-sponsored Phoenix ARC, Omkara ARC, and Prudent ARC too are among those who have submitted bids for either all four or a few of these stressed debt on sale, based on binding bids from the government-backed bad bank National Asset Reconstruction Company Ltd (NARCL), a person familiar with the development said.
«The Swiss auction is triggered after NARCL submitted binding bids for these assets and after the highest bidder is announced, NARCL will be given the right to match the offer,» the person said. «Lenders want to close the sale of these NPLs before the end of this financial year.»
IDBI Capital is running mandates for these four non-performing loans (NPLs).
State Bank of India, on behalf of consortium of lenders including Bank of Baroda, Punjab National Bank, IDBI Bank, Canara Bank, Bank of India, DBS, Exim Bank, Axis Bank and Indian Bank, mandated IDBI Capital Markets and Securities to conduct a Swiss challenge for transferring their stressed loan exposure of Metenere with debt of ₹3,040 crore at a reserve price of ₹260 crore, as reported by ET on February 17. This auction will be conducted under a 15:85 structure, where 15% will be paid in cash and
