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ET Markets - Stocks 24d ago
Prudent ARC top bidder for Aban Offshore debt
Prudent ARC has become the highest bidder for Aban Offshore's ₹1,080 crore debt from Punjab National Bank, offering ₹193 crore. This marks the first time a bank has sold Aban Offshore's debt, resulting in an excess recovery for PNB compared to the promoters' settlement offer. The move allows PNB to avoid lengthy legal recovery processes.
ABANBANKINDIAIDFCFIRSTBPNBPRUDENTPSBFinancial ServicesOil Gas & Consumable Fuels