M&A

M&A

NARCL acquires Rs. 1,000-Cr debt of Entertainment City for Rs. 711-Cr

Economic Times  

The National Asset Reconstruction Company (NARCL) has acquired the debt of Noida-based Entertainment City from Punjab National Bank (PNB) for INR 711 crore. Entertainment City had an outstanding debt of approximately INR 1,000 crore. PNB was the lead lender and the process was run by PNB Investment Services.A Swiss challenge process was conducted by PNB Investment Services, but no competing bids emerged. As the anchor bidder, NARCL held the right to match any counter offer, and its successful bid ensures a full recovery of the principal amount for the lenders.