Avenue Capital to buy 27% in ARCIL
US-based Avenue Capital has proposed to acquire 27 per cent in
Asset Reconstruction Company (ARCIL) from a clutch of six existing investors for an undisclosed amount to become the singlelargest shareholder in the company. The six institutions that will exit ARCIL include IDFC Bank (8.37 per cent), Karur Vysaya Bank (1.96 per cent) and Quivco Enterprises (1.35 per cent). ARCIL, which manages distressed assets worth Rs 12,000 crore, expects the deal to be completed in the next quarter.