NARCL declines to match Phoenix ARC’s bid for Mittal Corp

November 2, 2022

Phoenix’s offer was 78% higher than the ₹228 crore from NARCL, and more importantly, it was on a full cash basis in contrast with the 85% security receipts (SRs) which would have been issued by NARCL to be liquidated and paid to banks only after recovery is made.

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