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Sure Financial institution is ready to get well about half of its dues from Katerra India by promoting loans of the corporate present process company insolvency. Prudent ARC on Monday matched a counter-offer by Asset Reconstruction of India (Arcil) for Katerra India at a Swiss problem public sale held by Sure Financial institution, stated folks with information of the matter. This may end result within the personal financial institution recovering a minimum of half its principal debt, stated folks with information of the matter. Prudent ARC had given a binding supply of ₹165.6 crore for Sure Financial institution’s excellent debt of ₹521 crore to the corporate, as reported by ET within the final week of January.
After this, Sure Financial institution held a Swiss problem public sale with Prudent ARC’s supply as an anchor supply, giving the ARC the primary proper to match any counter-offer the personal lender would obtain. Arcil gave a counter-offer of ₹203.4 crore, which Prudent ARC matched on Monday, the folks cited above stated. Prudent ARC and Sure Financial institution are anticipated to shut the transaction this month finish, the folks stated.
Sure Financial institution, Prudent ARC and Arcil didn’t reply to ET’s request for remark.
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