ACRE to buy Union Bank's Rs 411 crore Visa Steel Loan
Asset Care and Reconstruction Enterprises (ACRE) is set to acquire a ₹411 crore loan of Visa Steel from Union Bank of India after no other bidders participated in the auction. ACRE's upfront cash offer of ₹143 crore equates to a recovery of 35%. With this acquisition, ACRE's share of debt in Visa Steel will increase to around 60%.
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