Arcil Investors to offload 32.57% stake via IPO
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New York-based Avenue Capital Group State Bank of India , an affiliate of Singapore's GIC , and Federal Bank will sell 105.4 million shares, a 32.57% stake in Asset Reconstruction Company (India) Ltd (Arcil), marking the first initial public offering by a bad loan aggregator in India.The company filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) on Saturday.Avenue, which currently holds a 69.73% stake in the company, will sell 68.7 million shares, reducing its holding to 48.57%. SBI will offload 19.4 million shares, trimming its stake from 19.95% to 13.96%, as per the DRHP. GIC affiliate Lathe Investment will fully exit the company by selling its 5% stake (16.2 million shares), while Federal Bank will sell 1 million shares, lowering its holding to 0.95% from 1.27%.Arcil is not issuing any fresh shares in the IPO. IIFL Capital, IDBI Capital, and JM Financial are the lead managers to the issue.Established in 2002, Arcil was India's first asset reconstruction company, backed by banks such as IDBI Bank , SBI, and ICICI Bank . It is currently the second-largest ARC in India by assets under management (Rs 15,230 crore). The company generates revenue through management and trusteeship fees, portfolio recovery fees, investment income, and write-backs.Over the years, several banks have exited the company, with Avenue acquiring most of their stakes. At present, Avenue and SBI are the promoters, jointly holding 89.68% of the company.In 2022, Avenue Capital acquired a 44.6% stake from ICICI Bank, IDBI Bank, and ICICI Home Finance for nearly Rs 840 crore (Rs 58 per share). Punjab National Bank was the latest to exit, selling its 10% stake in March 2023 at Rs 60.53 per share.For the fiscal year ended March 31, 2025, Arcil reported a net profit of Rs 355.31 crore on revenue from operations of Rs 596.42 crore.As of March 2025, it had acquired total principal debt of Rs 72,657.30 crore at a cost of Rs 38,155.63 crore or 52.51% of the principal amount and had made recoveries worth Rs 28,459.70 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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