The Hindu Business Line : Arcil to raise Rs 1,400 cr by April-end

New Delhi, March 4 Asset Reconstruction Company (India) Ltd (Arcil) expects to mobilise Rs 1,200 crore to Rs 1,400 crore by end-April to fund acquisition of assets, its Managing Director and CEO, Mr S. Khasnobis, has said.

“We are doing it through a rights issue as well as private placement of equity that would take our net-owned funds from the existing Rs 500 crore to about Rs 2,000 crore,” he said on the sidelines of a seminar on asset backed securitisation, organised by Dun & Bradstreet and Arcil.

As a result, the equity capital of Arcil would move up from Rs 220 crore to Rs 360 crore. “Out of the Rs 140 crore increase in paid-up capital, two-thirds would come from the rights issue and the rest from private placement. The rights is being done at a price of Rs 70 per share and is currently on. Private placement will be completed by April,” Mr Khasnobis said.

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