ARCIL files preliminary papers with SEBI for IPO
Avenue Capital Group-backed Asset Reconstruction Company (India) (ARCIL) has filed its preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO is entirely an offer for sale (OFS) of up to 10.54 crore equity shares by promoters and other shareholders.
Since the public issue is entirely an OFS, ARCIL will not receive any proceeds from the IPO. IIFL Capital Services, IDBI Capital Markets & Securities and JM Financial are the book-running lead managers while MUFG Intime India is the registrar for the IPO. The shares of the company are proposed to be listed on the BSE and NSE.
ARCIL is engaged in the business of acquiring stressed assets from banks and financial institutions and implementing resolution strategies through restructuring, enforcement of rights on underlying securities and settlement aimed at maximising recovery and optimising the value of such stressed assets in order to generate revenue streams.
