M&A

M&A

State-run NARCL emerges as successful bidder to acquire Dharani Sugars for Rs.223-Cr

Business Line  

The government-owned bad debt aggregator NARCL (National Asset Reconstruction Company Ltd) has emerged as a successful bidder for Chennai-headquartered Dharani Sugars & Chemicals Ltd. NARCL had offered INR 222.5 crore as the anchor bid for the purchase and acquisition of financial assets of Dharani Sugars. A consortium of banks led by Indian Bank (which accounts for 35% of the debt) had placed an INR 619 crore loan for sale at an offer price of INR 222.5 crore and decided to run the Swiss Challenge auction process on the offer received from NARCL on September 18.