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Manojit Saha

Mumbai, Nov. 27 Asset Reconstruction Co (India) Ltd is planning to raise Rs 1,000 crore in the current financial year through a rights share issue and private placement. “We are planning to infuse capital in the company for our future growth. Though we have not finalised the quantum, it is likely to be in the range of Rs 1,000 crore,” Mr S. Khasnobis, Managing Director and Chief Executive Officer, Arcil, told NewsWire18 on the sidelines of BANCON 2007.

The quantum of the issue is likely to be finalised by early December, he said. The proceeds will take care of Arcil’s capital needs for next two-three years. As a result of the proposed capital infusion, Arcil’s networth will go up to Rs 1,500 crore from Rs 500 crore now, Mr Khasnobis said.

The sponsors of Arcil are State Bank of India and IDBI with 19.95 per cent each, ICICI Bank with 19.58 per cent and Punjab National Bank with 10 per cent.

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