NARCL's Rs.711-Cr offer for Entertainment City debt pegs recovery at 95%

The National Asset Reconstruction Co (NARCL) has offered INR 711 crore to acquire the debt of Entertainment City - which operates The Great India Place mall in Noida and theme park Appu Ghar in Delhi. The offer translates to a 95% recovery for its sole lender, Punjab National Bank.NARCL’s offer for the INR 751 crore debt has triggered a Swiss challenge auction scheduled on March 1. This is the highest recovery offered by NARCL to any lender. In the past, NARCL's offers ranged from 5% to 35%.