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Asset Reconstruction Company (India) Ltd (Arcil) on Friday announced Avenue India Resurgence Pte. Ltd. as its new sponsor shareholder, following the completion of secondary purchase from a few existing shareholders.
"A representative of Avenue is expected to join the board of Arcil post regulatory approvals. It is expected that some further shares might be acquired by Avenue, likely to close shortly with a couple of other shareholders. Post those tranches, Avenue is expected to achieve minority interest in the company," Arcil said in a statement.
Avenue India Resurgence Pte. Ltd. is an arm of the New York-headquartered global investment firm, Avenue Capital Group.
In November 2018, Avenue reportedly acquired 27 per cent stake in Arcil for an undisclosed sum. The company acquired the stake directly from shareholders, including GIC, Barclays, FirstRand, Karur Vysya Bank, Ashmore and IDFC Bank. At present, Arcil has about Rs 12,000 crore of assets under management (AUM).
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