Asset Reconstruction Company
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 52.65×
- Big non-institutionalbNII · above ₹10 lakh
- 16.74×
- Small non-institutionalsNII · ₹2–10 lakh
- 13.58×
- Retail individualRII · up to ₹2 lakh
- 3.39×
Bids received
The demand behind each multiple — what was offered, what was bid for, and what those bids are worth
| Category | Shares offered | Shares bid for | Bids (₹ Cr) | Times |
|---|---|---|---|---|
| Qualified institutional | 1,05,46,390 | 55,52,44,079 | ₹7,718 Cr | 52.65× |
| Non-institutional | 79,09,792 | 12,40,96,460 | ₹1,725 Cr | 15.69× |
| Big non-institutionalwithin NII | 52,73,195 | 8,82,95,972 | ₹1,227 Cr | 16.74× |
| Small non-institutionalwithin NII | 26,36,597 | 3,58,00,488 | ₹498 Cr | 13.58× |
| Retail individual | 1,84,56,181 | 6,26,34,055 | ₹871 Cr | 3.39× |
| Total | 3,69,12,363 | 74,19,74,594 | ₹10,313 Cr | 20.10× |
Times subscribed is the figure published for each category, not shares bid for divided by shares offered — a category's multiple is struck against its own allottable base, which is not always the offered count shown beside it. Observed 11 Sep, 06:11 pm IST; the registrar publishes the final basis of allotment.
Issue details
- IPO date
- 09 Sep 2026 – 11 Sep 2026
- Listing date
- 17 Sep 2026
- Face value
- ₹10 per share
- Price band
- ₹132 – ₹139
- Issue price
- ₹139 per share
- Lot size
- 107 shares
- Sale type
- Offer for sale
- Issue type
- Book Building issue
- Listing at
- BSE
- Total issue size
- ₹733 Cr
- Fresh issue
- ₹0 Cr 0 shares
- Offer for sale
- ₹733 Cr 5,27,31,946 shares
- Market cap at offer price
- ₹4,516 Cr
- Promoter holding
- 88.47% → 77.45% pre-issue → post-issue
- ISIN
- INE148G01016
- CIN
- U65999MH2002PLC134884
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- IIFL Capital Services Ltd.
- Registered office
- The Ruby, 10th Floor, 29 Senapati Bapat Marg, Dadar (West) Mumbai – 400 028, Maharashtra, India
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 1,05,46,389 | 28.57% | 28.57% |
| Anchor investor · within QIB | 1,58,19,583 | — | 42.86% |
| NII (HNI) | 79,09,792 | 21.43% | 21.43% |
| bNII > ₹10L · within NII | 52,73,195 | — | 14.29% |
| sNII < ₹10L · within NII | 26,36,597 | — | 7.14% |
| Retail (RII) | 1,84,56,182 | 50.00% | 50.00% |
| Employee | 0 | — | 0.00% |
| Total issue | 3,69,12,363 | — | 100.00% |
Net offer to the public of 3,69,12,363 shares, out of a total issue of 3,69,12,363. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 107 shares per lot, in multiples, at ₹139
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 107 | ₹14,873 |
| Retail (max) | 13 | 1,391 | ₹1,93,349 |
| S-HNI (min) | 14 | 1,498 | ₹2,08,222 |
| S-HNI (max) | 67 | 7,169 | ₹9,96,491 |
| B-HNI (min) | 68 | 7,276 | ₹10,11,364 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 12.55 | 12.55 |
| P/E (×) | 11.08 | 11.08 |
| Price to book (×) | 1.70 | — |
| Market cap | — | ₹4,516 Cr |
Key performance indicators
- Return on net worth
- 13.59%
- Debt / equity
- 0.11
- PAT margin
- 57.00%
- EBITDA margin
- 82.47%
- NAV per share
- ₹81.97
- Price to book
- 1.70
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 749.92 | 607.84 | 609.49 |
| Revenue from operations | 721.69 | 581.76 | 605.82 |
| Other income | 28.22 | 26.08 | 3.67 |
| Total expenses | 285.34 | 176.68 | 194.75 |
| Operating profit | 464.58 | 431.16 | 414.74 |
| Operating margin | 61.95% | 70.93% | 68.05% |
| Profit before tax | 464.57 | 431.16 | 414.74 |
| Profit after tax | 322.69 | 309.24 | 310.88 |
| PAT margin | 43.03% | 50.88% | 51.01% |
| Balance sheet | |||
| Total assets | 5,726.39 | 4,395.98 | 3,656.69 |
| Current assets | 5,552.2 | 4,250.95 | 3,419.25 |
| Current liabilities | 2,614.27 | 1,561.9 | 1,150.96 |
| Total liabilities | 2,771.18 | 1,732.84 | 1,230.17 |
| Net worth | 2,955.21 | 2,663.14 | 2,426.51 |
| Current ratio | 2.12× | 2.72× | 2.97× |
| Return on equity | 10.92% | 11.61% | 12.81% |
| Cash flow | |||
| Operating cash flow | 193.83 | 283.47 | 550.72 |
| Investing cash flow | -985.18 | -553.66 | -380.6 |
| Financing cash flow | 766.26 | 94.17 | -55.13 |
| Net cash flow | -25.09 | -176.01 | 114.99 |
Objects of the issue
1 Benefits of listing the Equity Shares on the Stock Exchanges —
The company aims to achieve the benefits of listing its Equity Shares on the Stock Exchanges to enhance visibility and brand recognition while providing liquidity to existing shareholders.
2 Offer for Sale by Selling Shareholders —
The Promoter Selling Shareholders are undertaking a partial divestment of their shareholding to realize a portion of their investment and enhance their liquidity position.
3 Provide public market for Equity Shares —
The listing will provide a public market for the Equity Shares in India, offering trading opportunities for investors in the domestic market.
3 of 3 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
About Asset Reconstruction Company
Asset Reconstruction Company (India) Limited (ARCIL) is a public limited company incorporated on February 11, 2002, and began business operations on May 7, 2003, following RBI registration on August 29, 2003. The company operates as an asset reconstruction company under the SARFAESI Act, 2002, acquiring stressed financial assets from banks and financial institutions through competitive bidding processes including Swiss challenge and anchor mechanisms. ARCIL manages these assets through trusts it establishes, issuing security receipts to qualified buyers to finance acquisitions. The company generates revenue primarily through management fees/trusteeship fees (charged as a percentage of AUM, ranging from 0.25% to 5.00%) and investment income from its holdings in security receipts. As of March 31, 2026, ARCIL managed AUM of ₹201,499.87 million across three business verticals: corporate loans (68.75% of AUM), retail loans (23.55%), and SME and other loans (7.70%), with the company's own investment representing 21.88% of total AUM.
Management
Narayanan Subramaniam
CEO
Phanindranath Kakarla
MD
Sudarshan Sen
Director
Ashish Shukla
Director
Balachander Rajaraman
Director
Raksha Shashikant Kothari
Director
Prasad Parameswaranpillai Naga
Director
Pramod Kumar Gupta
CFO
Ameet Ashok Kela
Director
Anup Satish Mittal
Director of Operations
Amit Saha
Director
Aryaman Dhawan
Director of HR
Sumit Manchanda
CTO
Gurleen Kaur Chhabra
Director
Vardhanapu William Raju
COO
Kapil Mohan Rohilla
Director of Operations
Strengths
As stated in the offer document
India's First ARC with the second Largest AUM
The company was the first ARC to be incorporated in India, obtaining its certificate of registration on August 29, 2003. The company was the second largest ARC in India in terms of AUM with ₹ 168,525.70 million as of March 31, 2025, and the second most profitable private ARC with a profit after tax of ₹ 3,553.19 million during Fiscal 2025.
Expertise in Acquiring Stressed Assets with increasing investment in SRs
The company has developed expertise in acquiring stressed assets through a disciplined acquisition process with comprehensive credit assessment and risk management framework. The company has established strong relationships with 32 private sector banks, 28 public sector banks, 51 non-banking financial companies, and 18 housing finance companies since inception.
Ability to Implement Resolution Strategies and a Robust Collections Framework
The company utilizes different resolution strategies including IBC mechanisms, mutual settlements, debt restructuring, and asset sales under SARFAESI Act. The company has established specialized collection teams across three business verticals and worked with over 206 collection agents as of March 31, 2026.
Track Record of Consistent Financial and Operational Performance
The company has demonstrated consistent financial performance with a cumulative SR Redemption Ratio of 50.78% as of March 31, 2026. The company maintains strong financial management with a net worth of ₹ 30,793.93 million on standalone basis and credit rating of ICRA 'AA- (Stable)' as of March 31, 2026.
Experienced Board of Directors, Management Team and Marquee Investors
The company is led by experienced management team with extensive domain expertise. The company's promoters include Avenue India Resurgence Pte. Ltd (holding 69.73% equity) and State Bank of India (holding 19.95% equity), providing strong strategic support and leadership.
Risk factors
As stated in the offer document
Revenue and Profit Dependency on AUM Value and Composition
The company's revenue is largely dependent on management fees and investment income from stressed asset portfolios, with management fees ranging from 0.25% to 5.00% of AUM. Any decrease in AUM may cause a decline in fees and investment income, adversely affecting revenue and profit.
RBI Non-Compliance and Regulatory Penalties
The company is subject to periodic RBI inspections and has received multiple supervisory observations requiring compliance actions. Non-compliance with RBI directions can result in penalties up to ₹10 million or twice the quantifiable amount, and potential license cancellation.
Competitive Bidding Process for Stressed Asset Acquisition
The company acquires stressed assets through competitive bidding processes including Swiss challenge and anchor mechanisms. In Fiscals 2026, 2025 and 2024, the company won 79.29%, 69.13% and 36.43% respectively of bids participated, with inability to acquire sufficient assets at appropriate prices potentially affecting growth and operations.
Recovery Risk from Stressed Assets
The company's income depends on ability to recover outstanding amounts from stressed assets through various resolution strategies. Borrowers are often in weak financial positions, and recovery procedures are time-consuming and costly, with no assurance of sufficient recovery to cover investments.
Corporate Loans Concentration Risk
Corporate loans represent 68.75%, 75.48% and 78.51% of AUM as of March 31, 2026, 2025 and 2024 respectively. Any adverse factors affecting corporate borrowers such as economic slowdown, interest rate volatility, or regulatory changes may significantly impact the company's business and financial condition.
Information Technology System Dependencies and Cyber Security Risks
The company relies significantly on IT systems for operations, with retail loans business particularly dependent on technology for collections using data analytics and scorecards. System failures, cyber threats, or inability to adapt to technological changes may adversely affect business operations and financial performance.
Regulatory Compliance and Capital Adequacy Requirements
The company must maintain minimum net owned fund of ₹3,000 million and capital adequacy ratio of 15% of risk weighted assets. As the company grows, additional capital may be required to maintain compliance, and regulatory changes may increase compliance costs or divert management attention.
Capital Intensive Business Operations
The company requires substantial capital for acquiring stressed assets and relies on lenders and security receipt issuances by managed trusts. Any disruption in capital sources or inability to attract qualified buyers for security receipts could adversely affect business operations and growth.
Third Party Service Provider Dependencies
The company relies on 218 registered valuers, 206 collection agents and over 988 empanelled lawyers as of March 31, 2026. Third-party collectors handled 4.44% of total collections in Fiscal 2026, and any disruption, negligence, or fraud by these providers could adversely affect business and reputation.
Debt Financing and Covenant Compliance Risk
The company has total borrowings of ₹12,054.95 million as of March 31, 2026, with financing agreements containing conditions requiring lender consent for various activities. Failure to comply with financial covenants or obtain necessary consents could significantly impact business operations.
Company Analysis
from RHPAsset Reconstruction Company (India) Limited acquires and manages stressed financial assets from banks and financial institutions across corporate loans, SME loans, and retail loans sectors.
Asset Reconstruction Company (India) Limited (ARCIL) is a public limited company incorporated on February 11, 2002, and began business operations on May 7, 2003, following RBI registration on August 29, 2003. The company operates as an asset reconstruction company under the SARFAESI Act, 2002, acquiring stressed financial assets from banks and financial institutions through competitive bidding processes including Swiss challenge and anchor mechanisms. ARCIL manages these assets through trusts it establishes, issuing security receipts to qualified buyers to finance acquisitions. The company generates revenue primarily through management fees/trusteeship fees (charged as a percentage of AUM, ranging from 0.25% to 5.00%) and investment income from its holdings in security receipts. As of March 31, 2026, ARCIL managed AUM of ₹201,499.87 million across three business verticals: corporate loans (68.75% of AUM), retail loans (23.55%), and SME and other loans (7.70%), with the company's own investment representing 21.88% of total AUM.
Objects of the Issue
- The Offer comprises an Offer for Sale only; there is no fresh issue component. The proceeds are available to the Selling Shareholders, not the Company. p.1
- General corporate purposes p.63
- Listing of Equity Shares on Stock Exchanges and Offer for Sale by Selling Shareholders to enhance visibility, brand, and liquidity p.107
- Information not provided in Part 9 - this section focuses on financial statements and accounting policies
- Offer for Sale by Selling Shareholders p.472
Issue Structure
- Total Issue
- Up to 52,731,946 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million
- Fresh Issue
- Not applicable
- Offer for Sale
- Up to 52,731,946 Equity Shares of face value of ₹10 each aggregating up to ₹[●] million, comprising Up to 24,823,910 Equity Shares by Avenue India Resurgence Pte. Ltd. (Promoter Selling Shareholder), Up to 10,963,062 Equity Shares by State Bank of India (Promoter Selling Shareholder), Up to 16,244,858 Equity Shares by Lathe Investment Pte. Ltd. (Investor Selling Shareholder) and Up to 700,116 Equity Shares by The Federal Bank Limited (Other Selling Shareholder)
- Price Band
- Price band to be decided by the Company in consultation with the BRLMs and advertised at least 2 Working Days prior to the Bid/Offer Opening Date
- Lot Size
- [●] Equity Shares of face value of ₹10 each and in multiples of [●] Equity Shares
- Face Value
- ₹10 each
Business Model
ARCIL acquires stressed financial assets from banks and financial institutions through competitive bidding processes. The company establishes trusts to hold these assets and issues security receipts to qualified buyers (banks, financial institutions, insurance companies, eligible NBFCs, foreign institutional investors, and other permitted entities) to raise capital for acquisitions. ARCIL earns revenue through two primary channels: (1) management fees/trusteeship fees calculated as a percentage of AUM managed (ranging from 0.25% to 5.00% depending on commercial terms and asset vintage, charged where vintage is less than eight years), and (2) investment income from its own investments in security receipts issued by these trusts. The company employs various resolution mechanisms to recover from distressed assets including Insolvency and Bankruptcy Code proceedings, settlements with borrowers, debt restructuring, asset sales under SARFAESI Act, Debt Recovery Tribunal proceedings, and liquidation of underlying assets.
Business Segments
SWOT Analysis
- • Over 20 years of experience in acquiring stressed corporate assets(p.34)
- • Established relationships with banks and financial institutions for asset sourcing(p.34)
- • Sector-specific expertise and risk-based pricing models(p.34)
- • Strong data analytics capabilities for credit assessment and risk management(p.32)
- • Comprehensive structured due diligence process for asset acquisition(p.32)
- • Robust AUM growth trajectory(p.29)
- • First ARC in India with second-largest AUM(p.109)
- • Exceeded RBI minimum Net Owned Fund requirement early(p.109)
- • Established strong relationships with banks and financial institutions(p.109)
- • Robust collections framework and specialized collection teams(p.109)
- • Consistent financial and operational performance track record(p.109)
- • Experienced Board and management with marquee investors(p.109)
- • India's first ARC with established track record and second-largest AUM(p.179)
- • Lowest expenses and highest profit margins among top 7 ARCs(p.179)
- • Highest ROA and second highest capital adequacy ratio among peers(p.179)
- • Lowest debt-to-equity ratio among top private ARCs(p.179)
- • Strong regulatory compliance and Net Owned Funds exceeding requirements(p.179)
- • Diversified lending base with 32 private and 28 public sector banks(p.180)
- • Strong AUM growth with expanding retail and MSME presence(p.188)
- • Technology-driven platform with proprietary tools and data analytics(p.178)
- • Specialized collection infrastructure across 24 states with in-house and external collection agents(p.198)
- • Proprietary technology platforms for asset tracking, case management, and collection optimization(p.205)
- • High capital adequacy ratio significantly above regulatory minimum(p.202)
- • Consistent AA- credit rating from multiple agencies with stable outlook(p.204)
- • Diversified resolution toolkit including SARFAESI, DRT, IBC, and restructuring capabilities(p.197)
- • Strong portfolio quality with 32.83% of SRs rated RR1+ indicating 150%+ recovery(p.204)
- • Substantial and growing AUM under management with diversified portfolio(p.250)
- • Diversified acquisition strategy across multiple deal types reducing dependency(p.250)
- • Strong profitability and return on equity performance(p.257)
- • High-quality asset base with majority secured assets(p.251)
- • Investment grade credit rating maintained(p.254)
- • Strong net worth position with growing equity base(p.255)
- • Established NBFC-ARC with RBI certification and regulatory expertise(p.318)
- • Diversified portfolio across multiple asset types and sectors(p.318)
- • Strong liquidity position and capital management(p.314)
- • Growing consolidated revenue with profit generation capacity(p.315)
- • Established market position managing multiple trusts(p.344)
- • Significant capital base and equity ownership concentration(p.344)
- • Diversified revenue streams from fees and operating income(p.345)
- • Strong profitability and earnings generation(p.351)
- • Heavy concentration in corporate loans representing over 68% of AUM(p.34)
- • Significant AUM aged beyond 8 years with diminished recovery prospects(p.33)
- • Dependence on fee income from assets under management which can decline(p.28)
- • Ongoing RBI supervisory observations and compliance requirements(p.30)
- • Declining recovery ratings with 54.75% of rated AUM in RR2 category(p.34)
- • Reliance on third-party collection agents with limited supervision(p.39)
- • Internal audit observations on control systems inadequacies(p.41)
- • High attrition in Key Managerial Personnel and Senior Management(p.43)
- • Significant increase in debt and reduced interest coverage ratio(p.45)
- • Branch offices dependent on non-owned leasehold premises(p.46)
- • Outstanding legal and regulatory proceedings involving Promoters and Company(p.42)
- • Significant delays in statutory dues payment(p.49)
- • Historical records lost and unable to verify certain corporate filings(p.49)
- • Director lacking experience with listed companies(p.52)
- • Unable to trace certain historical records and filings(p.95)
- • Missing Form FC-TRS for certain historical transfers(p.97)
- • Dependence on marquee investors for majority shareholding(p.102)
- • Growing concentration in retail stressed assets with higher default risk(p.187)
- • Asset concentration risk and reliance on recovery outcomes(p.192)
- • Increased debt levels in Fiscal 2026 despite historically low leverage(p.173)
- • Declining capital adequacy ratio from 98.14% in Fiscal 2024 to 65.31% in Fiscal 2026(p.202)
- • Substantial portion of portfolio exposed to lower recovery ratings requiring focus(p.204)
- • Concentration of retail collection agents dependency on external agencies(p.198)
- • Small senior management team with limited redundancy (206 total employees)(p.206)
- • Rising leverage with significant increase in borrowings(p.254)
- • Significant concentration in structured acquisitions with limited cash acquisition diversification(p.253)
- • Material write-offs of security receipts indicating resolution challenges(p.288)
- • Deteriorating collection/recovery relative to acquisitions(p.254)
- • Growing unrated portfolio indicating pending credit assessment(p.251)
- • Promoter group exemption from disclosure requirements creating transparency concerns(p.248)
- • Significant increase in debt obligations(p.295)
- • Exposure to security receipts with significant unrealized losses(p.309)
- • Contingent liability for service tax disputes(p.335)
- • Declining cash position relative to prior years(p.316)
- • Rapid increase in borrowings creating high leverage(p.343)
- • High concentration of security receipt investments creating portfolio risk(p.353)
- • Significant contingent liability from unresolved service tax dispute(p.361)
- • Large non-controlling interests in consolidated subsidiaries(p.344)
- • Expansion of retail loans portfolio from 23.55% toward larger market share(p.36)
- • Growing stressed assets market with annual write-offs and NPA growth(p.38)
- • Competitive bidding processes provide acquisition opportunities(p.31)
- • Increasing SME and retail loan segments with growing stressed assets(p.36)
- • Strategic partnerships with fintech platforms for new sourcing channels(p.34)
- • Strategy to increase proportion of Retail and SME loans(p.51)
- • Continued growth in Corporate loans business(p.47)
- • Technology and data analytics for operational efficiency(p.47)
- • Projected increase in stressed assets market due to rising GNPA ratios(p.144)
- • Rising stress levels in retail lending segment(p.144)
- • Growing microfinance sector stress creating resolution opportunities(p.145)
- • Strong long-term credit growth trajectory in India(p.134)
- • Significant retail credit expansion expected(p.135)
- • India's modest credit-to-GDP ratio provides headroom for credit growth(p.132)
- • Expected GNPA rise in stress test scenarios driving distressed asset opportunities(p.143)
- • Retail credit growth at 14-15% with significant NPA expansion opportunity(p.187)
- • MSME credit growth with ₹82.2 trillion market and ₹1.9 trillion NPA opportunity(p.188)
- • Commercial real estate stressed assets with 13.7% sector growth(p.188)
- • Debt collection services TAM of ₹6.9 trillion with 14-16% growth(p.189)
- • RBI's ECL provisioning framework likely to trigger additional stressed asset sales(p.188)
- • Resolution Applicant platform under IBC with ₹10 billion NOF threshold met(p.179)
- • Expand retail segment leveraging technology-driven collection platforms and analytics(p.205)
- • Grow market share through network expansion across additional states and cities(p.205)
- • Develop co-investor acquisition model to scale AUM with reduced capital requirements(p.200)
- • Leverage sustainable debt restructuring and equity conversion capabilities for corporate recoveries(p.195)
- • Scale Collections as a Service (CaaS) business vertical to generate recurring revenue(p.240)
- • Expansion into retail lending with growing portfolio segment(p.250)
- • Development of pan-India distribution network through branch expansion(p.254)
- • Increasing pool of stressed assets from banking system supporting acquisition pipeline(p.253)
- • Structured acquisition model offering fee revenue without significant capital commitment(p.253)
- • Improvement in portfolio maturity reducing long-aged assets(p.250)
- • Growth in NPA market driven by banking sector stress(p.318)
- • Expansion through formation of new trusts for asset resolution(p.304)
- • Increasing scale of asset acquisitions and resolution activities(p.309)
- • Expansion of asset reconstruction and trust management business(p.354)
- • Growth in management fees from newly created trusts(p.363)
- • Portfolio recovery fee generation from collateral realisations(p.345)
- • Reduced supply of stressed assets from improved economic conditions(p.29)
- • Increased competition from new and existing ARCs(p.29)
- • Regulatory changes affecting investment mandates and operational flexibility(p.29)
- • Macroeconomic factors including interest rate volatility and cyclical downturns(p.35)
- • Dependence on financial institution asset sales which may decrease(p.29)
- • Regulatory restrictions on security receipt issuance by trusts(p.40)
- • Regulatory uncertainty in AML, ATF and KYC compliance(p.41)
- • Delays in judicial recovery of collateral in India(p.42)
- • Insolvency and Bankruptcy Code impacts on recovery(p.46)
- • Intense competition from other ARCs and new government ARC(p.47)
- • Decline in corporate NPA supply to traditional ARCs(p.45)
- • Rising minimum Net Owned Fund requirements creating consolidation pressure(p.45)
- • Credit rating downgrades increasing financing costs(p.44)
- • Changing Indian laws and regulatory environment(p.56)
- • Natural disasters, epidemics and pandemics affecting operations(p.57)
- • Sovereign credit rating downgrades affecting capital access(p.57)
- • Cyclical nature of stressed asset market dependent on credit cycles(p.145)
- • Expected deterioration in asset quality under adverse macroeconomic scenarios(p.143)
- • Regulatory framework changes to impact business model(p.140)
- • Global macroeconomic uncertainty and geopolitical risks(p.123)
- • Rising inflation and energy price pressures(p.123)
- • Rising stress in unsecured retail lending with 24.5% and 24.2% CAGR(p.187)
- • Legal delays in IBC resolution undermining recovery efficiency(p.163)
- • Consolidation risk from rising Net Owned Fund capital requirements(p.164)
- • Emergence of NARCL as government-backed competitor with 18% market share(p.156)
- • Securitization of Stressed Assets Framework as alternative to ARC model(p.163)
- • Decline in corporate NPA levels reducing traditional source of stressed assets(p.163)
- • Intense competition from established ARCs and new market entrants(p.206)
- • Regulatory changes and stricter compliance requirements from RBI(p.204)
- • Credit rating downgrade risk affecting borrowing costs and market access(p.204)
- • Economic cyclicality and industry downturn affecting NPA origination and recovery rates(p.206)
- • Real estate price volatility affecting underlying security values in retail portfolios(p.199)
- • Dependence on RBI approval for director appointments creating governance constraints(p.232)
- • Regulatory constraint on security receipt holding beyond 8 years requiring write-off(p.251)
- • Economic downturns and reduced stressed asset generation affecting acquisition volume(p.251)
- • Interest rate volatility affecting borrowing costs and margins(p.254)
- • Competitive pressure from other ARCs and financial institutions in stressed asset market(p.250)
- • Legal and regulatory uncertainties in debt recovery and resolution processes(p.255)
- • Liquidity risk from reliance on bank borrowings for portfolio funding(p.284)
- • Regulatory changes in ARC sector and RBI directives(p.318)
- • Interest rate fluctuations impacting borrowing costs(p.296)
- • Extended resolution periods leading to delayed asset recoveries(p.309)
- • Dependence on trust-based structures and multiple external parties(p.296)
- • Exposure to asset realisations and market valuation risk(p.357)
- • Interest rate fluctuation impact on borrowing costs(p.343)
- • Regulatory oversight and capital adequacy requirements(p.362)
- • Exposure to credit risk from trust counterparties and borrowers(p.356)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Avenue India Resurgence Pte. Ltd. | Promoter | — | — |
| State Bank of India | Promoter | — | — |
| Avenue India Resurgence Pte. Ltd. | Promoter | 226,566,265 equity shares (69.66%) | — |
| State Bank of India | Promoter | 64,816,980 equity shares (19.95%) | — |
| Avenue India Resurgence Pte. Ltd. | Promoter | 69.73% | [●] |
| State Bank of India | Promoter | 19.95% | [●] |
| Avenue India Resurgence Pte. Ltd. | Promoter/Sponsor | 69.73% | — |
| State Bank of India | Promoter/Sponsor | 19.95% | — |
| Avenue India Resurgence Pte. Ltd. | Promoter | 69.73% | — |
| State Bank of India | Promoter | 19.95% | — |
| Not stated in this part of document | Promoter information not provided in Part 9 | — | — |
| State Bank of India | Promoter | — | — |
| Avenue India Resurgence Pte. Ltd. | Promoter | — | — |
| Avenue India Resurgence Pte. Ltd. | Promoter Selling Shareholder | — | — |
| State Bank of India | Promoter Selling Shareholder | — | — |
| Lathe Investment Pte. Ltd. | Selling Shareholder | — | — |
| The Federal Bank Limited | Selling Shareholder | — | — |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.