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ACRE Raises Offer for Debt of Visa Steel

Published on March 22, 2023
Current Context: Asset Care and Reconstruction Enterprise (ACRE) gave an offer to the State Bank of India to buy the loans given to Visa steel.
ACRE Raises Offer for Debt of Visa Steel
  • ACRE, an Asset reconstruction company, has given an offer worth of ₹243 crore. The previous offer was worth of ₹230 crore.
  • ACRE was the sole bidder at an auction held by SBI worth for ₹697.2 crore for Visa Steel loans.
  • Asset Reconstruction Company of India (ARCIL) approached Visa Steel with an offer of 40 paise on a rupee.
  • ACRE has already 23% of Visa Steel debt which was acquired from Bank of Baroda and Small industries bank of India in the year 2019. ARCIL’s offer is a conditional offer on all bank lenders for selling their Visa Steel debt.
  • 77% of the total loans in Visa Steel are held by State Bank of India, Canara Bank, Punjab National Bank and Union Bank of India .

Question:

Q.1 ____________gave an offer to the State Bank of India to buy the loans given to Visa steel.
a.  Asset Care and Reconstruction Enterprise

b. ONDC limited
c. Jaipur constructions 
d. Mumbai Limited
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