M&A

M&A

NARCL acquires solar energy equipment maker Helios Photovoltaic for Rs.35-Cr

Economic Times  

The National Asset Reconstruction Company (NARCL) closed its second purchase of bad debt by acquiring Delhi-headquartered Helios Photovoltaic, earlier known as Moser Baer Photo. Helios manufactures solar energy equipment. The company offers optical media storage products, photovoltaic cells, and thin film modules. NARCL, the government-backed bad debt company, paid INR 35 crore for the INR 614 crore of bad loans, equating to a recovery of 5% for lenders. PNB Investment Services was the process advisor for lenders led by the State Bank of India, Punjab National Bank, Canara Bank and Union Bank of India. Based on the anchor bid from NARCL, PNB Investment Services ran the Swiss Challenge auction and asked interested bidders to bid at a markup of 8.5% to NARCL's offer. However, no counter bids came. NARCL has bought the debt under the 15:85 structure, where it has paid 15% in cash and the remaining in security receipts (SRs) guaranteed by the government.