 "merger and acquisition (M&A)")
Avenue Capital and State Bank of India (SBI)-backed Asset Reconstruction Company (India) Ltd (ARCIL) has acquired Ujjivan Small Finance Bank's (SFB’s) non-performing microfinance portfolio of ₹365.5 crore for ₹34.26 crore, translating into a recovery of just 9.39 per cent, or over 90 per cent haircut, for the lender, said sources aware of the development.
ARCIL had given the anchor bid, which triggered the Swiss Challenge auction for the portfolio put up for sale by the lender. Ujjivan SFB had called for counterbids, on a cash plus security receipts basis, with a markup of 5 per cent over the anchor bid,
