Edelweiss ARC buys Adhunik Power debt for Rs 28 billion

The Edelweiss Asset Reconstruction Company has concluded the buyout of a majority stake in debt-ridden Adhunik Power and National Resources for Rs 28 billion. Most of the 24-member consortium, led by the State Bank of India (SBI), sold stake in the Kolkata-based power firm under the 15:85 structure where 15 per cent was paid in cash (Rs 4.2 billion) and the balance Rs 23.8 billion will be in the form of security receipts paid over five to seven years. Edelweiss also bid for a 35 per cent equity stake for Rs 500 million. With this, Edelweiss holds a 51 per cent stake in Adhunik Power, two PE firms – SBI Macquarie and IDFC Private Equity – together hold 25 per cent, while 24 per cent is held by promoters.


    Enter your email address