Prudent Arc News Today

Six ARCs, led by Aditya Birla and Kotak Mahindra-backed, control majority debt in KSK Mahanadi Power due to lenders exits amid debt resolution delays. Prudent ARC recently acquired debt through a Swiss auction, ensuring an 80% recovery for the lender."}

After this, Yes Bank held a Swiss challenge auction with Prudent ARCs offer as an anchor offer, giving the ARC the first right to match any counter-offer the private lender would receive. Arcil gave a counter-offer of ₹203.4 crore, which Prudent ARC matched on Monday, the people cited above said. Prudent ARC and Yes Bank are expected to close the transaction this month end, the people said.

After this, Yes Bank held a Swiss challenge auction with Prudent ARCs offer as an anchor offer, giving the ARC the first right to match any counter-offer the private lender would receive. Arcil gave a counter-offer of ₹203.4 crore, which Prudent ARC matched on Monday, the people cited above said. Prudent ARC and Yes Bank are expected to close the transaction this month end, the people said.

Currently, there are three contenders vying to acquire this debt, including Prudent ARC and Asset Reconstruction Company India (ARCIL) other than ACRE ARC with Neo Asset Management.

Debt-ridden engineering company Punj Lloyd has failed to attract any buyers in the second round of e-auctions conducted by its liquidator. The auction, conducted on the directions of the National Company Law Tribunal, had a reserved price of Rs 1,061 crore on a going concern basis. This comes after the company also failed to find buyers in the first round of e-auctions.

Punj Lloyd, a debt-ridden engineering company, has failed to receive bids in the second e-auction for its sale. The reserve price was deemed too high, and the sale price was inflated by intangible assets with uncertain realization timeframes. The liquidator, appointed by NCLT, will need to approach the shareholders consultative committee to reconsider the reserve price.

The total outstanding loan for the hotel properties amounts to ₹507 crore. The portfolio consists of loans provided to KAD Housing and KAJ Infrastructure, both entities promoted by DP Jain and his family that operate two five-star hotels in Ghaziabad, namely Radisson Blu Kaushambi and Radisson Blu Hotel, as reported by ET on June 23.

The total outstanding loan for the hotel properties amounts to ₹507 crore. The portfolio consists of loans provided to KAD Housing and KAJ Infrastructure, both entities promoted by DP Jain and his family that operate two five-star hotels in Ghaziabad, namely Radisson Blu Kaushambi and Radisson Blu Hotel, as reported by ET on June 23.

HDFC is set to sell a loan portfolio of two five-star hotels in Ghaziabad to Prudent Asset Reconstruction for ₹311 crore, resulting in a 61 percent recovery.