Private equity firm Bain Capital, in partnership with Asset Reconstruction Company of India (Arcil), emerged as the highest bidder for a Rs 630 Crore distressed loan portfolio of Religare Finvest, offering 30 Paise on a rupee, three people with knowledge of the matter said. Religare Finvest, a non-banking finance company, declared that it would hold a Swiss auction on December 20 to get an improved offer, according to a notice issued on the company’s website. Bain Capital and Arcil have jointly offered Rs 193 Crore in cash for the SME (small and medium enterprises) portfolio to Religare Finvest, the people cited above said.

Mumbai: An Avenue Capital entity has proposed to acquire 44.6% in Asset Reconstruction Company of India (Arcil) from ICICI Bank, Punjab National Bank, IDBI Bank and ICICI Home Finance for a consideration of nearly ₹840 crore, said people aware of the development. Avenue India Resurgent Pte Ltd, a subsidiary of Avenue Capital, which currently holds a 25% stake in the country's oldest asset reconstruction company (ARC), will increase its stake to 69.6% upon acquiring equity from the four..

Asset Reconstruction Company of India Ltd. (Arcil) has acquired 26% equity in NSSL Pvt. Ltd., an unlisted subsidiary of Jayaswal Neco NSE 0.00 % Group, as a part of its broader strategy to revive the distressed company outside of the Insolvency and Bankruptcy Code, people aware of the development said. Avenue Capital-backed Arcil has also provided Rs 90-95 Crore as debt facility for three years against a personal guarantee by the promoters to NSSL and pledging of their shares.

Reliance Industries Ltd, in partnership with Assets Care & Reconstruction Enterprise Ltd (ACRE), Varde Capital-backed Aditya Birla Asset Reconstruction Company, a Welspun Group entity and foreign fund CarVal Investors, among others, have submitted expressions of interest (EoI) for bankrupt Sintex Industries Ltd, said two people with knowledge of the matter. ACRE is majority-owned by Ares SSG Capital, which describes itself as an alternative investment manager. Edelweiss Alternative Assets Advisors declined to comment. Reliance Industries, ACRE, CarVal, Welspun, Trident, Arcil, Aditya Birla ARC and the RP did not respond to requests for comment.