UV ARC submits counterbid of Rs 32.5 crore for insolvent SSA International

11 Nov 2022 , 08:44 AM

Lenders to rice exporter SSA International have received a counterbid to the National Asset Reconstruction Co’s (NARCL) offer, increasing their chances of recovering their money from the indebted business.

In response to NARCL’s offer of Rs31 crore, UV ARC has made a bid of Rs32.5 crore, according to news reports. The deadline for challenging offers for the company was on Wednesday.

“This offer is marginally better, but not significantly. It is yet to be seen if the NARCL wants to compete with it or surpass it “a source acquainted with the offer stated.

The company owes Rs530 crore in total to lenders led by SBI. The three major lenders are SBI, which has Rs368 crore in unpaid debt, Canara Bank (Rs118 crore), and IDBI Bank (Rs43 crore).

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