Arcil IPO: Avenue, SBI to reduce stake, GIC affiliate to exit
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New York based Avenue Capital Group State Bank of India (SBI), Singapore's GIC owned Lathe Investment and Federal Bank will sell an aggregate of 10.54 crore shares in Arcil Ltd in what will be the first initial public offer (IPO) for 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 holds 69.73% of equity in the company will sell 6.87 crore shares, diluting its stake to 48.57% while SBI will sell 1.94 crore shares to reduce its holding to 13.96% from 19.95%, GIC affiliate Lathe Investment will completely exit the company by selling all it 5% stake or 1.62 crore shares, the DRHP showed.Another bank shareholder Federal Bank will sell 10 lakh shares to reduce its stake to 0.95% from 1.27%. The entire issue is an offer for sale by existing shareholders with no fresh shares being issued.IIFL Capital, IDBI Capital and JM Financial are the bankers to the issue.Formed in 2002, Asset Reconstruction Company (India) Ltd was the first asset reconstruction company in India, backed by banks like IDBI Bank , SBI and ICICI Bank . Currently Avenue and SBI are identified as promoters of the company, together holding 89.68% of the shares.Arcil has been in operations for more than two decades. Over the years banks have exited the ARC mostly selling stake to Avenue.In 2022, Avenue Capital acquired 44.6% in the company from ICICI Bank, IDBI Bank and ICICI Home Finance for a consideration of nearly ₹840 crore.Arcil is currently the second largest in terms of assets under management (AUM) aming ARCs in India with Rs 15,230.031 crores. It earns its revenue from management fees/ trusteeship fees, portfolio recovery fees, income from investments and write backs.IDBI Bank sold its 19.18%, ICICI Bank 13.26% while ICICI Bank's housing finance sold its 2.26% at Rs 58 a share, a Rs 48 premium to the Rs 10 face value. Punjab National Bank was the latest to sell its 10% stake in March 2023 at Rs 60.53 apiece. It remains to be seen what price the shareholders decide to sell their stake at.In the year ended March 2025, the revenue from operations for Arcil were at Rs 596.42 crore with a profit after tax of Rs 355.31 crore.As of March 2025, had acquired Rs 72,657.30 crore in total principal debt at a cost of Rs 38,155.63 crore or 52.51% of the total principal debt and made recoveries of Rs 28,459.70 crore.
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