• About Us
  • Contact Us
Wednesday, February 8, 2023
  • Login
  • Register
B2B Infomedia
No Result
View All Result
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

  • BFSI
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banking laws recast likely to protect bankers from Lokpal

    HSBC confident it can serve an aspirational India going global

    HSBC confident it can serve an aspirational India going global

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    SBI says further financing to Adani projects to be evaluated on merit

    Don’t see loan exposure to Adani as an issue for SBI, says CreditSights

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banks to face margin pressure next fiscal, net interest margin may fall by 10 basis points to 3.45%: Fitch

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

  • Technology
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

  • Events
    • Upcoming Events
    • Past Events
  • Home
  • Fintech
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Credit card numbers continue to slip after RBI’s deactivation order

    Digital economy push offers hope for multiple players: Mastercard

    PayU reports over 50% jump in revenue, clocks net profit of Rs 126 crore

    Paytm Payments Bank gets final RBI nod to operate as Bharat Bill Payment Operating Unit

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

    RBI response sought on PIL seeking uniform banking code for forex transactions

    Reserve Bank of India puts on hold NUE licensing

  • BFSI
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banking laws recast likely to protect bankers from Lokpal

    HSBC confident it can serve an aspirational India going global

    HSBC confident it can serve an aspirational India going global

  • Education
    Education ministry sets up panel to strengthen assessment, accreditation of higher educational institutions

    Thousands of orphans will get opportunity to study at DU free of cost: VC

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    Increase in SC, ST and OBC students enrolment in higher education institutions: AISHE 2020-21

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    AISHE 2020-21: Enrolment of Muslim students for higher education decreases to 4.6%

    IIM Raipur introduces executive certificate programme for Strategic Chief Marketing officers

    IGNOU launches PG diploma Journalism; course available in three languages

    UPCON and Jadooz to set up edutainment centres called ‘Magic Rooms’ in rural Uttar Pradesh

    School dropout rate declines, gender parity improves: Economic Survey

    Entry of foreign varsities in India will lead to healthy competition: Private Universities’ VCs

    Gender gap in undergraduate programmes widens, gains of last few years lost to pandemic: AISHE Report

  • Enterprise
    Leading NBFCs offer up to 8.84% to attract retail savings

    NBFC-MFIs dominate microfinance market, says new report

    Moody’s says bank exposure to Adani not large to affect credit quality

    Moody’s says bank exposure to Adani not large to affect credit quality

    SBI says further financing to Adani projects to be evaluated on merit

    Don’t see loan exposure to Adani as an issue for SBI, says CreditSights

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    IL&FS to distribute Rs 3,200 crore to IFIN creditors

    Banks to tap intelligence agencies before loans to ex-defaulters

    Banks to face margin pressure next fiscal, net interest margin may fall by 10 basis points to 3.45%: Fitch

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

    Bonds out, Adani Group looks for new ways to refinance ACC, Ambuja M&A loans

  • Technology
    Credit card numbers continue to slip after RBI’s deactivation order

    PayU’s LazyPay, Kissht blocked after IT Ministry’s order

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    Web Werks – Iron Mountain JV launches its First Greenfield Data Center in Mumbai

    New Course by IITs: BTech in Computational Engineering

    New Course by IITs: BTech in Computational Engineering

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Niti Aayog’s AIM, CBSE, Intel India collaborate to bring change in education sector

    Indian Bank to hold vostro A/cs of 3 Sri Lankan banks

    Indian Bank expands digital offerings under ‘Project WAVE’ initiative

    India records over 23 billion digital payments worth Rs 38.3 lakh crore in Q3

    Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

  • Events
    • Upcoming Events
    • Past Events
No Result
View All Result
B2B Infomedia
No Result
View All Result
Home BFSI

Gujarat-based NBFC tops NARCL bid for consolidated construction

Raj Radhe's offer was in response to a Swiss challenge called by banks after the anchor bid by NARCL last month. This is the third offer received by banks in response to NARCL bids. It remains to be seen whether the government-backed bad loan aggregator uses its option to match or beat its challenger.

Prashant Dwivedi by Prashant Dwivedi
November 14, 2022
in BFSI, Enterprise
A A
0
Gujarat-based NBFC tops NARCL bid for consolidated construction
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

ujarat-based NBFC Raj Radhe Finance has offered Rs 130 crore to take over the debt of EPC company Consolidated Construction Consortium (CCC) topping National Asset Reconstruction Co Ltd’s (NARCL) Rs 100-crore offer, two people familiar with the bid said.

Raj Radhe’s offer was in response to a Swiss challenge called by banks after the anchor bid submitted by NARCL last month. This is the third offer received by banks in response to NARCL bids. It remains to be seen whether the government backed bad loan aggregator uses its option to either match or beat its challenger.

Just like Phoenix’s offer, Raj Radhe’s offer is on a full cash basis in contrast with the 85% security receipts (SRs) which would have been issued by NARCL to be liquidated and paid to banks only after a recovery is made.

“The bidding closed last week and we have an offer. Now the ball is in NARCL’s court,” said a person familiar with the process. Raj Radhe could not be immediately reached.

To be sure, even the enhanced offer from Raj Radhe amounts to a 5% recovery for lenders on total outstanding dues of Rs 2,623 crore. It is even lower than the promoter’s offer for settlement at Rs 195 crore, which had envisaged 7.5% recovery for banks.

“It’s an EPC company which does not have any real assets but there could be future claims and awards which could yield some returns,” said a second person aware of the process.

Some bankers have expressed concerns about the low NARCL bids which can be easily topped by private ARCs and NBFCs and which could lead to promoters taking back control of the companies from the back door.

“Nothing stops an NBFC from bidding for a company and palming it off to promoters because unlike ARCs, the norms for NBFCs are less stringent. Even section 29A does not apply to them. So they can just buy distressed debt under SARFAESI (Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act) which gives them power on a par with banks, and sell it to a third party which could be a promoter also. Only thing is they cannot sell it before six months,” said a senior executive from an asset reconstruction company.

Section 29 A of the insolvency and bankruptcy code (IBC) disallows promoters declared insolvent, wilful defaulters or companies which have been declared as a non performing asset (NPA) by banks for at least one year from bidding for that asset.

Some bankers said the low bids from NARCL have defeated the purpose of the formation of a national bad loan aggregator and opened up a possibility for manipulation as debt is now consolidated.

“There is a lot of money spent on setting up the NARCL. Many consultants have been roped in at high fees but banks are not benefitting which is ultimately the loss for depositors. If we continue to see such abysmal recovery rates, why did banks spend so much money to start this new company? It would have been better to continue the NCLT process,” said a senior banker.

Expectations are that by the end of this month the NARCL would have bid to take over at least a dozen NPAs.

0Like
0Dislike
50% LikesVS
50% Dislikes
Source: Economic Times
Tags: bfsiKotak Mahindra Banknbfcraj radhe finance
Previous Post

Punjab & Sind Bank to take call on Rs 300 crore QIP in fourth quarter: MD Saha

Next Post

ACRE offers to buy LIC’s Rs 3,400 crore Reliance Capital bonds

Prashant Dwivedi

Prashant Dwivedi

Related Posts

Credit card numbers continue to slip after RBI’s deactivation order
Technology

PayU’s LazyPay, Kissht blocked after IT Ministry’s order

February 8, 2023
Leading NBFCs offer up to 8.84% to attract retail savings
Enterprise

NBFC-MFIs dominate microfinance market, says new report

February 8, 2023
Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch
BFSI

Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

February 8, 2023
Next Post
LIC increases stake in Capri Global to 9%, buying 2% more at Rs 257 crore

ACRE offers to buy LIC's Rs 3,400 crore Reliance Capital bonds

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

14th NBFC & FINTECH CONCLAVE & AWARDS 2023
Subscribe to our Newsletter
johnsmith@example.com

Recent News

Credit card numbers continue to slip after RBI’s deactivation order

PayU’s LazyPay, Kissht blocked after IT Ministry’s order

February 8, 2023
Leading NBFCs offer up to 8.84% to attract retail savings

NBFC-MFIs dominate microfinance market, says new report

February 8, 2023
Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

Banks’ exposure to Adani group ‘insufficient’, face limited risk: Fitch

February 8, 2023
Moody’s says bank exposure to Adani not large to affect credit quality

Moody’s says bank exposure to Adani not large to affect credit quality

February 8, 2023
B2B Infomedia

Be To Be Infomedia Pvt. Ltd. represents the inovative platfrom to the clients and widely recognised as one of the ponier networking platfrom with the team of young, creative, dynamic & dedicated professionals.

Quick Links

  • Home
  • About Us
  • Contact Us
  • Privacy Policy
  • Refund Policy
  • Terms and Conditions

All News

  • BFSI
  • Edtech
  • Education
  • Enterprise
  • Financial Inclusion
  • Fintech
  • Pharma
  • Startup
  • Technology
Subscribe to our Newsletter
johnsmith@example.com
  • About Us
  • Contact Us

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

No Result
View All Result
  • Home
  • About Us
  • Upcoming Events
  • Fintech
  • BFSI
  • Education
  • Technology
  • Startup
  • Enterprise
  • Pharma
  • Contact Us
  • Login
  • Sign Up

© 2022 b2binfomedia - Designed & Maintain by hscreativehub.com.

Welcome Back!

Sign In with Google
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Google
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In