Asset Reconstruction Company (India) Limited (ARCIL) has successfully raised ₹732.9 crore through its initial public offering (IPO), which featured an offer for sale by various shareholders, including Avenue India Resurgence, State Bank of India, Lathe Investments, and Federal Bank. The IPO represents a significant step for India’s stressed-asset resolution industry as ARCIL brings its specialized services to the public market.
Trilegal’s Role in the IPO
ARCIL enlisted the legal expertise of Trilegal for this IPO. The firm’s advisory team was led by Partner Bhakta Patnaik, alongside Partner Albin Thomas, Senior Associate Somya Jena, and Associates Akanksha Goel, Tushar Chitlangia, and Adhish Mohanty. In addition, Trilegal advised the State Bank of India regarding its participation as a selling shareholder. This aspect of the transaction was managed by Albin Thomas, Senior Associate Arsh Sinha, and Associate Adhish Mohanty.
Contribution of Cyril Amarchand Mangaldas
The book-running lead managers were advised by Cyril Amarchand Mangaldas. The team was spearheaded by Ravi Dubey, Partner and Regional Co-Head of Capital Markets (West), with support from Senior Associate Urmil Shah and Associates Zeb Burk, Akshita Dhawan, Gaurav Lalwani, Harsha Menon, Alok Antony, and Syamantak Sinha.
International Counsel from Hogan Lovells Cadwalader
Hogan Lovells Cadwalader provided international counsel to the book-running lead managers. The legal guidance was led by Biswajit Chatterjee, Head of the India Practice and Managing Partner of the Dubai office, with assistance from Counsel Varun Jetly and Senior Associate Aditya Dsouza.
About ARCIL
ARCIL, established as the first asset reconstruction company in India, focuses on acquiring stressed assets from banks and financial institutions. It implements resolution strategies through restructuring, enforcement of rights over underlying securities, and settlements, aiming to maximize recoveries. As of March 31, 2025, ARCIL stands as the second-largest asset reconstruction company in India by assets under management.
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The IPO marks a noteworthy milestone for ARCIL and the Indian asset reconstruction market, underscoring the growing importance of specialized asset recovery in the financial sector.
