NARCL makes fifth exit with Rs 575 crore recovery

NARCL, the government-backed bad bank, made its fifth successful exit by recovering around Rs 575 crore from Agson Global against a recovery cost of about Rs 360 crore, enabling full redemption of security receipts issued to lenders and an additional distribution of nearly Rs 200 crore to banks. The exit was backed by a refinancing transaction of over Rs 300 crore arranged by Neo Asset Management, priced at 18-20%. The account had overall debt outstanding of over Rs 2,000 crore, and earlier exits include Wind World India, Metenere, Helios International, and SSA International.