Few of the top asset reconstruction companies (ARCs), including global fund JC Flowers ARC and Varde Partners-backed Aditya Birla ARC, are participating in Swiss auctions initiated by lenders for three road projects which include Pink City Expressway, Haridwar Highways Project and Rohtak Hissar Tollway. Kotak Mahindra Bank sponsored Phoenix ARC, Omkara ARC, and Prudent ARC have also submitted bids for some or all of these stressed debts. The auction, under a 15:85 structure (15 per cent cash and 85 per cent security receipts), will be conducted on March 5, 2024.
Rohtak Hissar Tollway, with a principal outstanding of Rs 10.02 billion, has a base price of Rs 7 billion. NARCL has offered Rs 2.70 billion for the Rs 17.70 billion debt of Pink City Expressway. The base price for Haridwar Highway is Rs 2.75 billion against a total debt of Rs 10.21 billion. The process advisor is conducting the Swiss challenge auction on March 1, 2024 inviting counteroffers with a markup of Rs 135 million over the base price.
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