Ares SSG Capital-backed Asset Care and Reconstruction Enterprise (ACRE) gave an improved revised binding offer to the State Bank of India (SBI) to buy the loans given to Visa Steel amid intensifying competition from other asset reconstruction companies making counteroffers, said two people aware of the development.
ACRE, an ARC, has given a revised offer of ₹243 crore as against its previous offer of ₹230 crore, the people said.
ACRE, an ARC, has given a revised offer of ₹243 crore as against its previous offer of ₹230 crore, the people said. ACRE was the sole bidder at an auction held by SBI on February 10 for ₹697.2 crore Visa Steel loans, as reported on February 24. The binding offer by ACRE at that auction would have triggered a Swiss challenge auction, as per the sale document issued by SBI.
