Av­enue Cap­i­tal to buy 27% in ARCIL

India Business Journal - - FINANCE -

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.

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