Avenue India Resurgence joins as new sponsor shareholder of asset reconstruction company Arcil
- Country:
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Asset Reconstruction Company (India) Ltd (Arcil) Friday said Avenue India Resurgence Pte has joined as its new sponsor shareholder. Avenue India Resurgence, a part of New York-headquartered Avenue Capital Group became the shareholder following completion of the secondary purchase from a few existing shareholders of Arcil.
The company, however, did not disclose the name of the existing shareholders who sold their stakes to Avenue India. "It is expected that some further shares might be acquired by Avenue, likely to close shortly with a couple of other shareholders," Arcil said in a release.
The country's oldest asset reconstruction company Arcil in last November announced its plans to sell 27 per cent stake to the US-based distressed asset fund Avenue Capital, making it a single largest shareholder. The transaction was structured as a secondary purchase, whereby Avenue would acquire the shareholding of certain existing shareholders.
The sellers included IDFC Bank (8.37 per cent), South Africa's Firstrand Bank (4.11 per cent), government of Singapore's Lathe Investments (9.9 per cent), Ashmore Capital (1.37 per cent), Karur Vyasya Bank (1.96 per cent) and Barclays Bank (1.5 per cent). The company said a representative of Avenue is expected to join the board of Arcil post regulatory approvals.
Earlier this week, IDFC First Bank in an exchange filing said it had sold its entire 8.37 per cent of a stake held in Arcil. Arcil had earlier said that its other investors namely State Bank holding close to 20 per cent, IDBI Bank 19.18 per cent, ICICI Bank 13.26 per cent and PNB 10.01 per cent will continue to hold their stakes in the company.
(With inputs from agencies.)
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