Prudent ARC top bidder for Aban Offshore debt

Prudent ARC has emerged as the highest bidder to acquire Aban Offshore's debt from Punjab National Bank at an offer of about 193 crore rupees. PNB stands to recover roughly 21 percent on its outstanding debt, an excess recovery of about 70 crore rupees over the initial one-time settlement offer of 155 crore rupees from Aban promoters. Prudent used its right of first refusal to match a rival ARC's bid of 222 crore rupees in a Swiss auction.