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Yes Bank is set to recover about half of its dues from Katerra India by selling loans of the company undergoing corporate insolvency. Prudent ARC on Monday matched a counter-offer by Asset Reconstruction of India (Arcil) for Katerra India at a Swiss challenge auction held by Yes Bank, said people with knowledge of the matter. This will result in the private bank recovering at least half its principal debt, said people with knowledge of the matter. Prudent ARC had given a binding offer of ₹165.6 crore for Yes Bank’s outstanding debt of ₹521 crore to the company, as reported by ET in the last week of January.
After this, Yes Bank held a Swiss challenge auction with Prudent ARC’s offer as an anchor offer, giving the ARC the first right to match any counter-offer the private lender would receive. Arcil gave a counter-offer of ₹203.4 crore, which Prudent ARC matched on Monday, the people cited above said. Prudent ARC and Yes Bank are expected to close the transaction this month end, the people said.
Yes Bank, Prudent ARC and Arcil did not respond to ET’s request for comment.
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