EDELWEISS ASSET RECONSTRUCTION COMPANY LIMITED
Ambuja Cements may repay Penna's debt
Private credit funds, including Edelweiss Alternative Asset, expect Ambuja Cements to repay Penna Cement's high-cost debt ahead of schedule. Adani Group-controlled Ambuja Cements acquired Penna Cement for ₹10,442 crore, aiming to reduce borrowing costs and improve credit ratings. The acquisition will help Ambuja Cements to refinance or repay Penna Cement's existing term loans and high-cost debt, including ₹400 crore to Edelweiss Alternative Asset.
RBI declines to extend Bansal third tenure at Edelweiss ARC as MD & CEO
The Reserve Bank of India has declined the reappointment of RK Bansal as MD and CEO of Edelweiss Asset Reconstruction (ARC), citing regulatory lapses and allegations of loan evergreening. This decision follows a recent ban on Edelweiss ARC and its subsidiary, ECL Finance, from acquiring new stressed loans and undertaking new businesses.
Edelweiss Financial Services shares fall 17% post RBI action on 2 companies
Shares of Edelweiss Financial Services plummeted by 17% on the BSE, hitting a day's low of Rs 64, following a directive from the Reserve Bank of India (RBI). The RBI directed the company to cease and desist from acquiring financial assets due to concerns arising from structured transactions conducted by its group entities.
RBI imposes curbs on two Edelweiss companies for 'evergreening' stressed loans
"The action is based on material concerns observed during the course of supervisory examinations, essentially arising out of the conduct of the group entities acting in concert, by entering into a series of structured transactions for evergreening stressed exposures of ECL, using the platform of EARCL and connected AIFs, thereby circumventing applicable regulations. Incorrect valuation of SRs was also observed in both ECL and EARC," the RBI said.
RBI bars Edelweiss ARC from acquiring assets, cites supervisory concerns
The Reserve Bank of India (RBI) banned Edelweiss Asset Reconstruction Company Limited (EARCL) from acquiring financial assets due to concerns observed during a supervisory examination. RBI cited actions by group entities, including structured transactions, allegedly circumventing regulations. EARCL was directed to cease acquiring financial assets and reorganizing existing security receipts.
IDBI SASF gets 18 offers for bad loans
IDBI Bank's Stressed Assets Stabilisation Fund (SASF) aims to recover 11.59% by selling non-performing loans worth ₹6,151 crore.
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Foreign-themed mutual funds rally up to 80% in a year. Should you go international?
International funds, including top performers like Mirae Asset NYSE FANG+ETF FoF, showed strong growth. However, concerns arise with Sebi's restrictions on overseas ETF investments and varying earnings growth in indices like Hang Seng and CSI 300.
Stock picks of the week: 4 stocks with consistent score improvement and upside potential of up to 40%
After the recent phase of the volatility, there has been a bounce back in Nifty and sensex. Along with them there has also been an improvement in the market breadth as more number of stocks were able to inch upward. But this is not enough to say the volatile phase is over. At this point of time, one cannot rule out more profit booking ahead of election results. If one is taking fresh exposure to equity, ensure that there is some level of quality as far as the business and fundamentals are concerned and keep a long term perspective. These selected stocks depict a strong upward trajectory in their overall average score which is based on five key pillars i.e. earnings, fundamentals, relative valuation, risk and price momentum. This implies that there has been a significant improvement in their market outlook in the given time frame.
Edelweiss, Phoenix among ARCs vying for IOB's Rs 13,472-crore NPAs
Edelweiss ARC, Phoenix ARC, Omkara ARC, and Prudent ARC eye Indian Overseas Bank's loan portfolio. Sets with reserve prices. ARCs conduct due diligence. Bank reports lower non-performing Assets.
NARCL raises ₹670 cr in fresh equity from existing shareholders
The government-promoted National Asset Reconstruction Company (NARCL) has raised ₹670 crore equity from existing shareholders and is in the process of raising ₹3,200 crore debt to support its plan to acquire ₹1 lakh crore of stressed assets. However, the bond issuance has faced challenges due to pricing differences between existing shareholders and the NARCL board. The ARC aims to raise funds through a five-year bond and fund-based limits but is negotiating the coupon rate with shareholders.
New MD & CEO appointed at Srei Infrastructure Finance under NARCL management
The Kolkata-based Kanorias previously controlled the twin companies of SIFL and Srei Equipment Finance Company till RBI superseded their boards over alleged mismanagement in October 2021 and subsequently initiated IBC proceedings. However, NARCL successfully acquired the companies under the Insolvency and Bankruptcy Code (IBC) initiated by RBI to resolve over Rs 32,000 crore debt of the NBFCs.
Edelweiss Alt completes acquisition of L&T Infra Development Projs for Rs 6,000 cr
Edelweiss Alternatives has completed a Rs 6,000 crore deal to acquire L&T Infrastructure Development Projects (LTIDPL), a joint venture owned by L&T and Canada Pension Plan Investment Board. The acquisition will give Edelweiss 100% ownership in the joint venture, which will include seven road assets and a 960 circuit km power transmission line.
Lenders to sell Wind World (India) debt to NARCL, recover 18% dues
National Asset Reconstruction Company (NARCL) emerged as the winning bidder in an uncontested Swiss challenge auction for a majority debt of Wind World (India). NARCL offered Rs 670 crore to acquire Rs 3763 crore debt from lenders, providing an 18% recovery. The resolution process faced delays due to Covid-19 and internal disputes within the company.
NCLT admits NCR Rail Infrastructure for insolvency resolution
The National Company Law Tribunal in Mumbai has admitted an insolvency resolution application against NCR Rail Infrastructure due to a default on payment of Rs 71 crore. Lenders including Kalindee Rail Nirman, IDBI Capital Markets & Securities Ltd, and Union Bank of India have also filed insolvency resolution applications.
Top ARCs vie for three road projects, metals company metenere
Several asset reconstruction companies including global fund JC Flowers ARC and Varde Partners-backed Aditya Birla ARC are participating in the Swiss auctions that lenders have initiated for three road projects - Pink City Expressway, Haridwar Highways Project, and Rohtak Hissar Tollway - and Metenere, a manufacturer of recycled non-ferrous products.
Stressed asset investing: An alternative investment opportunity for HNIs
ARCs hold specialized expertise in asset valuation, negotiation, and legal procedures, crucial for navigating the complexities of a stressed asset landscape. Often perceived as a niche domain, the stressed assets market currently encompasses the acquisition and resolution of NPLs.
NARCL, Omkara ARC in fray for Wind World debt
State-owned National Asset Reconstruction Company (NARCL) and Manish Lalwani-promoted Omkara Assets Reconstruction Company (ARC) are in the fray to acquire the debt of wind turbine manufacturer Wind World (India) that has been under corporate insolvency process for over five years.
Govt provides exemption to Indian Bank to retain over 30 pc stake in ASREC
The government has exempted Indian Bank from the requirement to hold shares exceeding 30% in ASREC (India) Limited, an asset reconstruction company. This exemption, recommended by the Reserve Bank of India, is effective until March 31, 2025. The notification, dated January 12, states that the provisions of sub-section (2) of section 19 of the Banking Regulation Act do not apply to Indian Bank in relation to its shareholding in ASREC.
Encore ARC acquires IndoStar Capital's distressed loan book of Rs 292 crore
Brookfield and Everstone-backed IndoStar sells bad loans under a senior-junior structure under a Swiss auction. The senior class comprises 38-40% of the principal amount which Encore will pay as upfront cash. The junior class which is 60-62% of principal loan, is split into cash and security receipts. Of the junior class, IndoStar would receive cash and subscribe to the security receipts.
Saraswat to offload bad loans, draws interest from top ARCs
Over 20 asset reconstruction companies and non-banking finance companies have expressed their interest in acquiring Saraswat Bank's non-performing assets. These include Acre ARC, Asset Reconstruction Company (India) and Edelweiss ARC.
MoF to meet PSB chiefs over IBC resolution delays
According to the IBBI data, 67% of the insolvency cases where the resolution process was ongoing until September 2023 have exceeded the 270-day time frame. Resolutions in another 13% of the cases went beyond 180 days but were still under 270 days. Earlier this month, the government told banks that their top executives should monitor large-value cases of bank fraud more closely and that bona fide credit decisions should be shielded from investigations.
Reliance ARC onboards Credgenics' debt recovery tech platform
Reliance Asset Reconstruction Company has adopted the debt recovery platform developed by Credgenics, which offers ARCs comprehensive digital and insights-driven capabilities for efficient debt resolution in the retail and SME sectors. It provides detailed insights into overdue cases, empowering ARCs to reconsider debt recovery approaches, and incorporates AI/ML models for assessing communication efficiency and adjusting outreach strategies.
Farallon invests Rs 629 crore in Edelweiss ARC bonds
Edelweiss ARC to use the proceeds in acquiring distressed retail loan portfolios, corporates and real estate loans.
NCLT Hyderabad initiates insolvency proceedings against GVK Gautami Power
"NCLT, Hyderabad bench, during its hearing on October 20 initiated insolvency proceedings under The lnsolvency and Bankruptcy Code, 2016 filed by the Edelweiss Asset Reconstruction Company (EARC) against GVK Gautami Power Ltd, a step down subsidiary of the company," it said.
Bankruptcy court grants RP's request for immunity due to 'unintentional delay' in ND's Art World resolution process
The tribunal, in its order of August 28 observed that a police case for abetment of suicide under IPC came to be registered in this matter consequent upon suicide by one of the suspended directors of the corporate debtor on the ground that the initiation of CIRP proceedings caused Nitin Desai to commit suicide.
ARC Body calls for safeguards against filing of criminal cases
The Association of Asset Reconstruction Companies has appealed for the intervention of the finance ministry in order to issue an advisory that directs state governments to prevent the lodging of criminal cases against lenders and its officials. The current criminal cases against lenders have been seen as intimidation tactics which may lead to recovery efforts being stalled.
Will cooperate with authorities probing Desai death: Edelweiss ARC
Edelweiss Asset Reconstruction Company (EARC) has pledged full cooperation with investigations into the death of Nitin Desai, following the company's initiation of insolvency proceedings against his firm ND Art World. Desai's Art World Pvt Ltd borrowed Rs 185 crore via two loans from ECL Finance, an arm of the Edelweiss Group, in 2016 and 2018, and began facing difficulties repaying the debt in January 2020.
Nitin Desai Death: Raigad police to summon officials from Edelweiss ARC
The Maharashtra police will soon summon the officials from Edelweiss Asset Reconstruction Company Limited or Edelweiss ARC in connection with its probe into the death by suicide of renowed art director, Nitin Desai. On Thursday, the Raigad police recorded statements of 13 people including Desai’s wife and staff members at the ND Studio where his body was found.
Nitin Desai was facing financial strain, defaulted on Rs 252 cr loan; insolvency proceedings initiated against art director's company last week
Desai, through his company ND's Art World Pvt Ltd, had borrowed Rs 185 crore in the form of two loans from ECL Finance in 2016 and 2018. He ran into trouble with repayments from January 2020.
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