NARCL seeks Rs 27 billion funds to grow bad loan business

The National Asset Reconstruction Company of India (NARCL) is seeking to raise Rs 27 billion in debt to expedite the purchase of stressed loans. The ARC is in talks with private and government-owned banks to raise five-year debt, preferably in the form of non-convertible debentures (NCD). The funds will be used to make cash payments to banks against the purchase of non-performing loans. NARCL offers 15 per cent of consideration.