NARCL had initially bought the debt of Rs 3,763 crore about 18 months in the past.
The sale was performed via a Swiss problem public sale, which concluded with Omkara ARC rising as the ultimate bidder on Wednesday.
The anchor bid within the course of was positioned by Omkara at Rs 1,225 crore, which didn't see one other bid. Prudent ARC had participated with a proposal of Rs 1,200 crore within the preliminary spherical however determined to not revise its bid.
Below the Swiss problem guidelines, the bidder was required to supply a minimum of 5% greater than the anchor bid, which might have pushed the quantity to round Rs 1,300 crore.
World Wind India is a renewable vitality firm which was as soon as among the many nation's largest wind turbine makers with greater than 6,200 converters and 4,561 MW of put in capability. It slipped into misery after a bitter dispute between three way partnership companions – Germany's Enercon and brothers Yogesh and Ajay Mehra. Whereas the Mehras alleged Enercon tried a hostile takeover, the German accomplice accused them of fund diversion. Mounting dues pushed IDBI Financial institution to file for insolvency in opposition to the corporate in 2018. About 18 months in the past, NARCL acquired Wind World's loans for Rs 672 crore from lenders together with SBI, PNB, Canara Financial institution, BoB, BoI, Central Financial institution of India, Axis Financial institution and IDBI Financial institution. Following this, the committee of collectors was reconstituted on March 28, 2024, with NARCL holding 80% of the admitted Rs 4,710 crore debt, whereas IDBI Financial institution and Sipla Wind Power maintain 4.81% and 4.29% respectively.
NARCL, via its restoration arm India Debt Decision Firm (IDRCL) and with IDBI Capital Markets as advisor, launched the Swiss Problem course of and offered the debt.
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