Key Points
Mumbai: Government-backed bad bank, the National Asset Reconstruction Co (NARCL), has finalised nine transactions worth more than 24,000 crore in bank debt in the last work week of FY24, people aware of the developments said, pointing to a frenetic pace of deal making after a relative lull through virtually the entire second half of the fiscal year ending Sunday..
The NARCL made the upfront payments and issued the necessary security receipts (SRs) guaranteed by the government for the six accounts with a total debt count of Rs 9,415 crore...
With these acquisitions, the total debt held by NARCL will almost double to Rs 48,652 crore, up from the Rs 25,000 crore acquired by the bad bank so far..
Simplex Infrastructures is the largest debt to be acquired by NARCL in this round, with a total outstanding of Rs 9,600 crore...
Simplex is also the largest case to be transferred to the bad bank since the latter took over the Rs 9,234 crore debt of Jaypee Infratech in January 2023 in its first acquisition..
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