Asset Reconstruction (India) or ARCIL is targeting fee-based recovery and collection services as it shifts toward retail and smaller distressed assets ahead of its initial public offering, Reuters reported Thursday, citing CEO Phanindranath Kakarla.
ARCIL will launch its IPO on Sept. 9, offering for sale up to 52.7 million shares priced at 132 Indian rupees to 139 rupees each, with the issue valued at up to 7.33 billion rupees at the upper end of the price band, the report said.
With a capital adequacy ratio of about 65%, the company's "internal accruals will sufficiently fund us in the short term," the executive told Reuters.
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