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