ASSET RECONSTRUCTION COMPANY (INDIA) Limited

This section primarily provides context regarding the industry analysis, referencing data from the CRISIL Report, and discusses the macroeconomic scenario and the Indian economy. It details projections for global economic growth, inflation, and the performance of the Indian economy, including its resilience and expected growth trajectory. Furthermore, it outlines aspects of the Indian economy such as its market position relative to global counterparts and the structure of its Gross Value Added (GVA) across various economic activities.

The section discusses favorable demographics for India's growth, noting a large youth population and projections for economic growth driven by urbanization and rising affluence. It highlights the strong credit demand from young borrowers in the personal loan segment, where fintech firms are gaining market share. Furthermore, the text covers the impact of urbanization on infrastructure investment and the role of various government initiatives in supporting rural growth, including livelihood development and women's empowerment. Finally, it details the progress in financial inclusion, noting the gap in financial literacy and the potential for growth in the financial services industry.

The section discusses the role of technology, particularly digitization, in driving economic growth and financial inclusion in India, highlighting the pivotal role of initiatives like the Unified Payments Interface (UPI). It details how the integration of UPI with Aadhaar and other Digital Public Infrastructure layers is expected to strengthen India's digital financial architecture by enabling efficient, data-driven credit delivery. The text also provides statistics on the structure of the banking and NBFC sectors, the growth trends in systemic credit, and the overall credit penetration in India compared to other major economies. Furthermore, it examines the factors supporting retail credit growth, including digital adoption and the use of alternative data for underwriting, which helps in extending credit to underserved segments.

This section details the various classifications and provisioning norms for loan assets by banks and financial institutions in India, covering both the older Income Recognition, Asset Classification and Provisioning (IRACP) framework and the newer Expected Credit Loss (ECL) framework. It outlines how loans are classified as Special Mention Accounts (SMA) and Non-Performing Assets (NPA) based on overdue periods, the subsequent categorization of NPAs into Substandard, Doubtful, and Loss Assets, and the required provisioning percentages for these different asset classes. The text also discusses the transition from the IRACP norms to the ECL framework and the estimated impact of this transition on banks' capital ratios, alongside trends in asset quality for Scheduled Commercial Banks (SCBs).

The text discusses various aspects related to the performance and risk management within the Indian banking and NBFC sectors, including the impact of regulatory measures like the AQR and the IBC. It details the effect of these measures on Non-Performing Assets (NPAs) in banks and NBFCs, noting that corporate segment NPAs remained under control even during the COVID-19 pandemic. The text also presents projections for future GNPA levels under different macroeconomic scenarios and provides historical data on stressed assets within the retail segment for both banks and NBFCs.

The text discusses the context of retail portfolio stress across various financial segments, including the impact of mergers on retail figures and the growth of Non-Performing Assets (NPAs) in the retail segment over the last six years. It details the interconnectedness of loans, where defaults in smaller loans can affect larger ones. Furthermore, the text outlines the evolution of the Asset Reconstruction Company (ARC) industry, tracing its origins from the 1998 Narasimham Committee report and the introduction of the SARFAESI Act in 2002, which provided the legal framework for ARCs to acquire and manage stressed assets from banks and financial institutions.

The text describes the process of due diligence conducted by Asset Reconstruction Companies (ARCs) interested in purchasing stressed assets, which involves reviewing loan documents, assessing litigation, analyzing financials, and estimating recovery value to determine a purchase price. The acquisition process involves setting up a trust and issuing Security Receipts (SRs) to banks and other investors, which represent an undivided interest in the assets. Different acquisition structures exist, such as ARC as the sole acquirer or co-investor acquisitions, which dictate how returns are shared. The text further details various strategies ARCs employ for debt recovery, including loan restructuring, sale of underlying assets, legal action through Debt Recovery Tribunals, and One Time Settlements (OTS). Regulatory guidelines from the RBI mandate various aspects such as minimum Net Owned Funds, investment in SRs, timeframes for resolution, and capital adequacy ratios. The industry has evolved through different phases, moving from a 5:95 model to a 15:85 model for ARC investments, and the enactment of the Insolvency and Bankruptcy Code (IBC) has significantly impacted the resolution process.

The provided text details various regulatory changes and trends within the Asset Reconstruction Company (ARC) industry, focusing on impacts on the market. Key regulatory developments include changes in Non-Performing Fund (NOF) requirements, TDS rates, and guidelines for dealing with borrower dues, which aim to enhance transparency and recovery efficiency. Furthermore, the text observes a shift in stressed asset opportunities from corporate debt towards non-corporate segments, particularly retail loans, and notes improvements in cumulative recovery rates over time. Funding for ARCs has also shown a trend towards equity investment, and the industry is adapting to these changes by prioritizing the timely acquisition of stressed assets.

The text discusses the evolving landscape of the Asset Reconstruction Company (ARC) industry, highlighting shifts in income sources and challenges related to asset recovery. The revenue mix of private ARCs is moving towards recovery-linked income, with the share of this income increasing significantly. The industry faces challenges such as the emergence of new alternatives for stressed assets and legal delays in proceedings. Furthermore, there is a need for technology to improve recovery efficiency, especially for retail assets, and consolidation risks due to rising Net Owned Fund requirements.

This section provides comparative financial data for various Asset Management Companies (ARCs) in the peer set across different fiscal years, including operating income, investment income, fee and commission income, expenses, and profitability metrics. Key findings highlight that ARCIL has performed strongly in terms of investment income and has the lowest expenses and leverage ratios among the private ARCs. NARCL is noted as the most profitable ARC in India during Fiscal 2025, while ARCIL showed the fastest Profit After Tax (PAT) growth. Furthermore, the data includes comparisons of net worth, capital adequacy ratios, and Return on Assets (RoA) across the peer group.

The company is an Asset Reconstruction Company (ARC) operating across India, focused on acquiring stressed assets from banks and financial institutions and implementing resolution strategies through various restructuring and enforcement mechanisms to maximize recovery and optimize asset value. The company claims to be a pioneer in the asset reconstruction industry since being the first ARC incorporated in India. They operate across three business verticals: Corporate loans, SME and Other loans, and Retail loans. The company emphasizes its first-mover advantage and long operating history in navigating the regulatory landscape for asset reconstruction and securitization in India.

The company follows RBI guidelines regarding security receipts held for longer than eight years, treating them as loss assets and writing them off. The company focuses on acquiring a greater share of security receipts issued for stressed assets, which reflects a higher investment and risk appetite. The company utilizes various resolution strategies, including those prescribed by the IBC, mutual settlements, debt restructuring, and asset sales through SARFAESI Act and the Debt Recovery Tribunal (DRT). The company has developed an IT infrastructure for asset tracking and compliance monitoring, and uses proprietary tools for due diligence functions like asset valuation and borrower history checks.

The company details its approach to managing stressed assets, including various resolution strategies such as pursuing insolvency resolution mechanisms, negotiating settlements, restructuring debt, and selling assets. They maintain a robust collections framework across corporate, SME, and retail loans, utilizing in-house teams and external collaborations for debt recovery. The company also tracks the redemption of security receipts issued by trusts and demonstrates a consistent track record of financial performance. The company emphasizes maintaining prudent financial management and highlights its strong balance sheet.

The company is a first Asset Reconstruction Company (ARC) incorporated in India, operating across the country to acquire stressed assets from various banks and financial institutions and implement resolution strategies to maximize recovery and optimize asset value. The company operates across three business verticals: Corporate loans, Retail loans, and SME and Other loans. Revenues are derived from management fees, portfolio recovery fees, income from investments, and write-backs. The acquisition process involves detailed due diligence, including verification of legal, collateral, and financing documents, as well as reviewing pending litigation and ensuring compliance with applicable laws like the SARFAESI Act.

The company undertakes due diligence on stressed assets by visiting institutions or conducting virtual data room reviews to verify legal and security documents. Various valuation methodologies, including distress sale value, enterprise value, and fair value, are adopted based on the underlying assets and market conditions. The process involves multiple levels of review and approvals, including internal management review, executive committee review, and potentially Board of Directors approval. Bidding for stressed assets involves competitive processes, such as the Swiss challenge method, depending on the nature of the loan transfer. Stressed assets are acquired through different structures like cash acquisition, co-investor acquisition, ordinary SR acquisition, and structured acquisitions. The management of these assets includes various resolution strategies, such as debt restructuring, sale of underlying assets under SARFAESI, and resolution through the IBC route. The company also monitors recoveries through an operations dashboard and generates periodic reports.

The issuer engages in various collection activities, including auctions of repossessed properties and the use of a robust collection infrastructure involving in-house managers, legal officers, and external agencies across 24 Indian states. The collections process is guided by policies for asset resolutions, restructuring, and sale, utilizing technology-driven insights to prioritize unsecured portfolio collections. The company also offers an online platform for retail borrowers to settle dues and employs various mechanisms like skip tracing, digital collection platforms, field visits, and data analytics for borrower engagement. Furthermore, the company acquires stressed SME and Other assets from banks and financial institutions, and employs resolution strategies such as debt settlement, restructuring, asset sale under SARFAESI Act, and sale through DRT. The company also undertakes acquisitions through trust setups and acts as a trustee for these trusts, receiving management fees and portfolio recovery fees.

The company outlines a multi-layered risk management structure involving business groups, support functions, a risk management group, a compliance group, and an internal audit function. The Board of Directors oversees governance, while strategy execution is delegated to a risk management committee. Various types of risks are identified, including business, solvency, liquidity, market, interest rate, human resource, IT/security, concentration, fraud, anti-money laundering, outsourcing, and legal risks. The risk management framework involves identification, assessment, reporting, and mitigation strategies such as sharing, reducing, avoiding, or transferring risks. The company details its credit ratings, various internal audit processes, and the infrastructure of its operations, including its network of offices across India.

This section details various aspects related to the issuer's business operations, including the location of its offices, which are currently leased, and outlines several relevant Indian laws and regulations applicable to its business. It discusses various legislation such as the SARFAESI Act, the RBI Act, and various labour laws, as well as intellectual property laws and foreign investment regulations. Furthermore, it covers taxation laws like GST and the Income Tax Act, and data protection laws under the IT Act.

This section primarily discusses compliance with various laws and regulations, focusing on the Digital Personal Data Protection Act, 2023 (DPDP Act), and other applicable laws. It details the provisions of the DPDP Act, which aims to balance individual rights with the need to process personal data, including requirements for obtaining consent and data security. Furthermore, the company is obligated to comply with laws such as the Companies Act, 2013, the Indian Contract Act, 1872, the Competition Act, 2002, foreign exchange and investment laws, and various tax laws.

The company, originally incorporated as ASSET RECONSTRUCTION COMPANY (INDIA) Limited, commenced business activities in August 2003 after receiving the certificate of registration from the Reserve Bank of India. The company has undergone several changes to its registered office location over the years, with various changes occurring between 2003 and 2011. The company's main objects involve various activities related to securitization, asset reconstruction, trust management, and dealing in financial assets. The company has not had any amendments to its Memorandum of Association in the ten years preceding the DRHP, and it does not have any significant financial or strategic partners. The company has acquired numerous trusts, which are considered subsidiaries or associates based on investment thresholds under Ind AS 110.

This section details various shareholder and investor holding structures, primarily involving various trusts and financial institutions. It outlines specific details regarding agreements, including a Share Subscription Agreement and an Amendment Agreement, which govern rights related to the securities. Furthermore, it mentions undertakings made to certain entities concerning the nomination of directors and the requirement for shareholder approval for such nominations. The company also discloses exemptions granted by SEBI regarding the classification of certain entities as part of the Promoter Group for the purpose of the offer.

The section discusses the lack of agreements between the Promoter Group, shareholders, related parties, directors, key managerial personnel, and employees of the Company, or between these parties and the Company, that could impact management or control. Furthermore, it states that no guarantees have been issued by the Promoter Selling Shareholders to any third parties as of the date of the Red Herring Prospectus.

The issuer is ASSET RECONSTRUCTION COMPANY (INDIA) Limited, a public limited company incorporated under the Companies Act, 1956. Its registered office is located at The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400 028, Maharashtra, India. The document defines various terms, including different types of trusts and various financial information statements. It also mentions the appointment of statutory auditors and key managerial personnel.

This section lists various Trust Schemes and Trusts, including Arcil-SBPS, Shalimar Wires Industries Trusts, and various Arcil Trusts, which are defined within the prospectus. It also details terms related to the offer process, such as definitions for various bid types, the role of Book Running Lead Managers (BRLMs), and various pricing and allotment terms.

The document outlines various terms related to the Offer documents, including the scope of the Offer, the structure of the price band, and the process for finalizing the offer price. It details the various parties involved in the offer, such as the selling shareholders and the lead managers. Furthermore, it specifies the accounts used for receiving funds and the nature of the portion of the offer allocated to Qualified Institutional Buyers (QIBs).

This section primarily lists various regulatory circulars and regulations that are referenced in the Draft Red Herring Prospectus. It also details conventions regarding the use of time, geographical references, and currency. Furthermore, it specifies the source of industry and market data, which is a report commissioned and paid for by the company.

The provided text discusses various disclaimers, forward-looking statements, and risk factors related to the prospectus. It outlines that the equity shares offered are not registered under U.S. securities laws and are being sold in 'offshore transactions' outside the United States. The text details numerous risks, including dependency on Assets Under Management (AUM), potential non-compliance with RBI observations, and risks related to sourcing and recovering stressed assets. It also provides financial data showing revenue and investment income across different fiscal years and breakdowns of Assets Under Management (AUM) across various business verticals.

The company discusses various risks that could impact its operations, including changes in stressed assets, regulatory scrutiny from the RBI, and potential issues with asset recovery. It details the process for acquiring stressed assets through competitive bidding, the various resolution strategies employed for these assets, and the dependency of revenue and cash flows on the ability to source and acquire assets at appropriate prices. Furthermore, the text covers issues related to the recovery of amounts from stressed assets, the potential impact of economic downturns on collateral value, and the dependency on borrowers' ability to repay loans.

The provided text discusses various risks related to the company's operations, including price fluctuations, the ability to recover money from corporate stressed assets, and the reliance on information technology systems. Risks include the potential for inaccurate acquisition decisions due to subjective valuation methods and the possibility of errors in data provided by borrowers. Furthermore, the text highlights risks associated with IT system failures, cyber threats, and the potential for regulatory penalties under data protection laws. The company is also subject to various laws and regulations, including those of the RBI, which may increase compliance costs. The business also faces seasonality and dependency on external vendors for certain services.

The section details various risks related to the company's operations, including the potential inability to manage cash flows or raise sufficient funding from qualified buyers through the issue of Securities Rights (SRs). It also discusses risks associated with the recovery of value from stressed assets, such as the impact of the real estate sector or issues with collateral. Furthermore, the text covers compliance risks concerning Anti-Money Laundering (AML), Know Your Customer (KYC), and Anti-Terrorist Financing (ATF) regulations, as well as potential issues arising from internal control system failures, legal proceedings, and dependency on qualified personnel.

The provided text details various aspects related to the company's financial instruments, industry challenges, and operational risks. It lists several past and projected financing arrangements with lenders, including details on borrowings, finance costs, and interest coverage ratios. The text also discusses challenges within the asset reconstruction industry, such as the emergence of new alternatives, supply reduction, legal delays, and consolidation risks. Furthermore, it outlines risks related to obtaining necessary approvals, potential fraud, intellectual property infringement, and negative publicity.

The provided section details various financial and operational disclosures, including statutory dues, related party transactions, and risks. It outlines delays in paying statutory dues such as Income Tax, Employee Provident Fund, ESIC, and Labour Welfare Fund, noting that some amounts were negligible or delayed. The text also discusses the company's business strategy concerning the proportion of retail loans in its Assets Under Management (AUM) and the potential challenges associated with this strategy. Furthermore, it addresses risks related to internal control systems, the reliance on external reports, and potential future dilution from equity issuances or sales by shareholders.

The provided text discusses various aspects related to the company's operations, regulatory environment, and financial disclosures. It covers conditions for dividend declarations, restrictions on bid withdrawals by different types of bidders, implications of pre-emptive rights under Indian law, potential classification as a Passive Foreign Investment Company (PFIC) for U.S. investors, and risks associated with changing laws, natural disasters, and political/economic factors. Furthermore, it details issues concerning accounting standards differences, competition laws, and the impact of various tax laws and regulatory changes on the business.

The provided section discusses various risks associated with the listing and trading of the Equity Shares, including potential fluctuations in market price due to various factors. It details that the market may not develop or sustain trading after the Offer, and investors might be unable to resell shares at the Offer Price. Furthermore, it outlines several tax implications for investors regarding capital gains and dividends, including various tax rates depending on the holding period and the sale method. The section also covers procedural aspects related to the listing, such as the time required for allotment and transfer of shares, and restrictions concerning foreign investment and ownership changes.

This section presents summary financial information derived from Restated Standalone Financial Information for the years ended March 31, 2026, 2025, and 2024, along with Restated Consolidated Financial Information for the same periods. The data includes statements for Assets, Liabilities and Equity, Profit and Loss, Cash Flows, and the resulting cash movements. The financial data shows trends across these years, detailing revenue, expenses, profit before tax, and net cash generated from various activities.

This section presents restated consolidated financial statements, including the statement of assets, liabilities, and equity as of March 31, 2026, 2025, and 2024. The data shows trends in financial assets, financial liabilities, and equity over the three years. The profit and loss statement details revenue, expenses, and profit before tax, along with the resulting profit for the year. Cash flow statements detail cash generated from operating, investing, and financing activities. Finally, a summary of contingent liabilities is provided.

This section details various corporate and regulatory information related to the company, including its registered and corporate office details, the filing procedures for the Draft Red Herring Prospectus with SEBI, and the composition of the Board of Directors. It also lists the statutory auditors and outlines the process for investor grievances and the roles of the Book Running Lead Managers (BRLMs).

This section details various entities involved in the process, including various banks and financial institutions, which are likely related to the book-building process. It outlines procedures for bid collection, including the use of SCSBs, UPI mechanisms, and Registered Brokers. It also discusses restrictions on bid withdrawals for different types of bidders and the process for determining the offer price. Furthermore, it covers the formation of an underwriting agreement with merchant bankers or stockbrokers.

This section details the capital structure of the company as of the date of the Draft Red Herring Prospectus, including the authorized and issued share capital. It also provides a history of equity share allotments, detailing various transactions such as initial subscriptions, further issues, and rights issues, which are presented in a table format. The text also mentions the status of preference share capital and the issuance of shares for consideration other than cash or bonus issues.

The section details various provisions regarding the issuance of equity shares, such as restrictions on issuing shares below the offer price, shares issued from revaluation reserves, or pursuant to schemes of arrangement. It also outlines the build-up of promoter shareholding since incorporation, listing numerous historical allotments and transfers with details on the number of shares, face value, issue price, and the nature of the consideration. Furthermore, the document specifies rules for promoter contributions, including minimum lock-in periods for certain shares, and details concerning the pledge or encumbrance of equity shares.

The section details the shareholding of major shareholders, including data as of the date of the Red Herring Prospectus, 10 days prior, one year prior, and two years prior. The data shows that Avenue India Resurgence Pte. Ltd. holds the largest percentage of equity share capital across all reported periods. Furthermore, the section confirms that no members of the Promoter Group hold equity shares, and no Equity Shares are currently pledged or otherwise encumbered. It also discusses the approval of an Employee Stock Option Scheme (ESOP 2025) for the issuance of options to eligible employees.

This section details the particulars related to employee stock option schemes, including the number of options granted to various Key Managerial Personnel and Senior Management. It specifies criteria for identifying other employees who received options, and details the calculation methodology for employee compensation costs. Furthermore, it outlines the pricing formula used for options, including assumptions such as expected volatility and the expected life of the options. The section concludes by stating that no allotments were made pursuant to the ESOP 2025 as of the date of the Red Herring Prospectus.

The objects of the offer are primarily to achieve the benefits associated with listing the Equity Shares on the Stock Exchanges and to facilitate the Offer for Sale of up to 5,27,31,946 Equity Shares. The promoter selling shareholders are undertaking a partial divestment of their holdings to realize some of their investment and improve their liquidity position. The company expects the listing to enhance visibility and brand, provide liquidity to existing shareholders, and create a public market for the Equity Shares in India. Crucially, the company will not receive any proceeds from the Offer, as all proceeds will go to the Selling Shareholders.

The provided section discusses various financial and operational Key Performance Indicators (KPIs) used by the company to analyze its business performance and determine the Offer Price. It details metrics related to acquisitions, assets under management (AUM), collections, and various financial ratios. Furthermore, the text addresses comparisons with industry peers and confirms that no recent primary or secondary share issuances have occurred.

This section details various aspects related to the offer, including historical transactions and explanations for pricing. It clarifies that there have been no primary or secondary issuances in the last 18 months prior to the DRHP date. Furthermore, it provides an explanation for the Offer Price and Cap Price, linking them to the weighted average cost of acquisition of primary and secondary transactions over the last three years, along with company KPIs and financial ratios. The text also discusses potential special tax benefits available to the company and its shareholders under various provisions of the Income-tax Act and GST laws.

The section addresses the availability of special indirect tax benefits for the company and its shareholders. The management has stated that no special indirect tax benefits are available to the company. However, it notes that liability to pay GST arises on the recipient under the Reverse Charge Mechanism (RCM) for collection fees received by the company from banking companies, as per a specific notification. Furthermore, there are no special indirect tax benefits available to the shareholders of the company.

This section presents the independent auditor's examination report on the restated standalone financial information of ASSET RECONSTRUCTION COMPANY (INDIA) Limited for three financial years ending March 31, 2026, March 31, 2025, and March 31, 2024. The report details the scope of the examination, the reliance placed on various auditor reports, and the adjustments made to the financial information. The data provided includes a summary of revenue, income, expenses, profit before tax, profit for the year, and other comprehensive income for the specified periods.

This section details the cash flows, equity changes, and various accounting policies of ASSET RECONSTRUCTION COMPANY (INDIA) Limited for the years ended March 31, 2026, 2025, and 2024. It includes a breakdown of cash flow from operating, investing, and financing activities, along with the resulting net cash changes. Furthermore, the text outlines significant accounting policies concerning the basis of preparation, application of new accounting standards, key accounting judgements, revenue recognition principles, and treatment of employee benefits.

This section details various accounting treatments and recognition principles for different financial statement components, including contributions from employees, share-based payments, taxation, property, plant, and equipment, intangible assets, investments, provisions, financial instruments, and earnings per equity share. It outlines specific rules for measuring assets, liabilities, and recognizing income and expenses according to accounting standards. Furthermore, it describes the methods for calculating cash flows and handling foreign currency transactions.

This section details various aspects of the company's financial statements, including lease evaluations, impairment testing for non-financial assets, definitions for cash and cash equivalents, and treatment of expenses related to trusts. It provides detailed breakdowns of cash balances, trade receivables, loans, and investments, with figures presented for March 31, 2026, 2025, and 2024. The data includes complex reconciliation of security receipts and various trust-related investments.

This section details various financial and investment figures across different reporting periods, including the number of shares, fair values, and components of financial assets and liabilities. It presents data related to investments in equity shares, mutual funds, and other financial assets, alongside details on deferred tax assets/liabilities and intangible assets, including computer software and assets under development. Furthermore, it provides breakdowns of payables, including trade payables and ageing analysis for various categories of creditors.

This section details various financial liabilities, equity structure, income, and expenses for the company across three fiscal years ending March 31, 2024, 2025, and 2026. Key data includes borrowings, other financial liabilities, provisions, equity share capital details, various income streams, and operational expenses. The data shows fluctuations in borrowings, reserves, and various income/expense components over the period.

This section details various tax expense components, profit before tax calculations, deferred tax balances, capital adequacy ratios, employee benefit provisions, and the breakdown of financial assets and liabilities. It provides historical data for tax expenses, reconciliation of deferred tax movements, and information regarding the company's financial structure and provisions for employee benefits.

This section details the financial statements of ASSET RECONSTRUCTION COMPANY (INDIA) Limited, presenting various line items for financial assets, liabilities, and related party transactions. It includes a breakdown of carrying values, maturity analysis for assets and liabilities, and disclosures regarding financial risk management. The data covers balances as of March 31, 2024, 2025, and 2026, along with various risk sensitivities and related party mappings.

This section details various financial and contractual aspects of the company, including holdings, liabilities, and employee stock option schemes. It covers transactions related to trusts, investments, and recoveries from these trusts, as well as contingent liabilities and provisions for various legal and regulatory matters. Furthermore, it provides extensive details on the accounting for employee stock option schemes, including the application of the Black-Scholes model and vesting periods.

This section details various financial and regulatory disclosures for ASSET RECONSTRUCTION COMPANY (INDIA) Limited, including dividend information, financial statement regrouping notes, and extensive details on the acquisition of financial assets. It includes information on the breakdown of financial assets by industry sector and sponsor, along with a comprehensive list of banks and financial institutions from whom assets were acquired.

This section details various financial line items and asset classifications for the year ended March 31, 2026, including a breakdown of different product segments and financial instruments. It presents data related to the realization and movement of security receipts (SRs) over the financial year, along with disclosures regarding asset classification under RBI norms and various regulatory compliance aspects.

This section provides a detailed breakdown of the company's financial position, including the Balance Sheet, Profit and Loss statement, and Cash Flow statement for three consecutive years ending March 31, 2026, 2025, and 2024. The data covers assets, liabilities, equity, revenues, expenses, and cash movements. The information is presented in millions of INR and is prepared in accordance with various accounting standards and regulations.

This section details various accounting treatments and judgments related to the financial statements, including fair value measurements, basis of consolidation, investment in associates, revenue recognition, borrowing costs, employee benefits, and various accounting standards. It outlines how different financial elements are treated, such as the treatment of transactions between group members, the accounting for associates using the equity method, and the recognition of revenue based on a five-step model. Furthermore, it discusses key accounting judgements concerning asset carrying amounts, impairment testing, and the recognition of provisions and contingent liabilities.

This section details various accounting treatments and disclosures related to financial statements, including tax provisions, property, plant, and equipment (PPE), intangible assets, investment in subsidiaries and associates, provisions, financial instruments, and security receipts. It outlines methodologies for calculating tax, depreciation, impairment, and recognizing various financial assets and liabilities according to accounting standards. Specific rules are provided for the recognition, measurement, and derecognition of these items, including considerations for contractual cash flows and the treatment of various financial instruments.

This section details various aspects of the company's financial reporting, including the classification of financial instruments, the treatment of financial liabilities, and the components of the balance sheet and cash flows. It outlines specific accounting treatments such as how financial liabilities are measured and derecognized, the criteria for offsetting financial assets and liabilities, and the calculation of earnings per equity share. Furthermore, the text provides detailed breakdowns of cash and cash equivalents, trade receivables, and loans, showing trends across different reporting periods.

This section details the breakdown of investments, including security receipts and equity instruments, as of various dates. The total investments amounted to ₹1,535.32 Crore, with a provision of ₹1,121.60 Crore. The data is further segmented into investments in India and overseas investments. A detailed schedule of various trust and scheme investments is provided, showing changes in the number of security receipts and their fair values over different periods.

This section details various financial statement line items, including investment holdings, financial assets, property, plant and equipment, intangible assets, payables, borrowings, and provisions. The data is presented across three fiscal years, showing trends in these components. Key figures include changes in various assets, liabilities, and provisions over the period.

This section details various financial statement line items, including equity share capital changes, income from fees and other sources, interest income, finance costs, impairment of financial instruments, employee benefits expenses, depreciation and amortization, and other operating expenses. The data is presented across three fiscal years, showing trends in these financial components.

This section provides detailed breakdowns of tax expenses, deferred tax components, employee benefits, and the composition of financial assets and liabilities. The data shows fluctuations in tax charges over three years, various provisions related to employee benefits like gratuity and compensated absences, and the movement in the balance sheet items for both deferred tax and financial instruments.

This section details various financial statement components, including fair value measurements, maturity analysis of assets and liabilities, risk management policies, and disclosures related to market, credit, and liquidity risks. It provides breakdowns of financial assets, liabilities, and various receivables, along with information on how these items are measured and the risks the company is exposed to. Furthermore, it includes details on foreign currency exposure, interest rate risk, and related party transactions.

This section details various financial movements, including income from trusts, investments, and redemptions, as well as disclosures related to subsidiaries, contingent liabilities, and employee stock option schemes. It also covers provisions regarding legal disputes, contractual maturities of lease liabilities, and accounting policies for various financial aspects. The text presents detailed breakdowns of income, expenses, and asset movements across different reporting periods.

This section details the regrouping and restatement of various financial line items between FY 2023-24 and FY 2024-25, including adjustments to interest accrued and other expenditures. It also provides a comprehensive breakdown of the group's ownership interests in various subsidiaries, showing the proportion held by the group versus non-controlling interests for different entities across the periods.

This section primarily lists various trusts and entities along with their dates of acquiring subsidiaries and ownership interests held by the group and non-controlling interests. The data spans various dates, suggesting a tracking of ownership changes or related party structures over time. Many entries show ownership percentages, with some entities having 100% ownership, while others show varying levels of interest, including non-controlling interests. The data is presented in a dense, tabular format detailing these relationships.

This section provides summarized financial data for various subsidiaries as of March 31, 2026, and March 31, 2025, detailing their balance sheets and profit and loss statements. The data is presented in millions of Rupees and includes ownership interests held by the group and non-controlling interests (NCI).

This section provides a detailed summary of the financial statements, including Profit & Loss, Balance Sheet, and Cash Flow data for various trusts and associates across different fiscal years. The data is presented in millions of Rupees for the P&L and lacs of Rupees for the Balance Sheet. It also outlines the ownership structure, including the proportion of interest held by non-controlling interests, and lists the associates and joint ventures of the Group.

This section details various financial line items and trust performance metrics, including changes in percentages, absolute values, and derived ratios across different trust codes. The data spans from March 2025 to March 2025, showing performance figures for various entities. The data includes adjustments for Inter Company Elimination/Consolidation and Non Controlling Interest in subsidiaries, culminating in grand totals for the period.

This section provides a detailed breakdown of various trust holdings and related entities, presenting changes in percentage terms and balances across different periods. The data covers numerous trusts, including those related to steel, wires, loan portfolios, and various other entities. Specific line items detail performance metrics such as percentage changes and absolute values for these different segments.

This section provides detailed financial information, including various ratios and reconciliation statements, for the company across different fiscal years. It details performance metrics such as Earnings per Equity Share, Return on Net Worth, Net Asset Value per Equity Share, EBITDA, EBITDA Margin, and Net Debt/Equity Ratio. The text also includes notes explaining the methodology used for calculating these ratios, distinguishing between consolidated and standalone figures, and clarifying the treatment of non-GAAP measures.

This section details various reconciliations of net asset values, net debt ratios, and capitalization statements for the company across fiscal years 2026, 2025, and 2024, both on a consolidated and standalone basis. It also summarizes the aggregate borrowings and details the principal terms of the credit facilities availed by the company. The text also mentions the reliance on an industry report for market data and discusses factors affecting the results of operations, such as the ability to acquire stressed assets.

This section details various aspects of the company's financial operations, including the structure of the market it operates in, its collections framework, the impact of the Indian economic conditions, and compliance with government policies and regulations. It outlines the processes for acquiring stressed assets, the management of assets under management (AUM), and the accounting policies applied to financial statements. Furthermore, it discusses the competitive landscape and the regulatory environment that may affect the company's ability to operate and its financial results.

This section outlines various accounting treatments and recognition policies for different financial items, including interest income, borrowing costs, employee benefits, taxation, property, plant, and equipment (PPE), intangible assets, investments in subsidiaries and associates, provisions, contingent liabilities, and financial instruments. It details specific rules for recognizing costs, liabilities, and gains/losses depending on the nature of the transaction, the contractual terms of the instruments, and the classification of the financial assets.

This section details various accounting policies related to financial instruments, liabilities, revenue recognition, and employee benefits as per Indian Accounting Standards. It outlines how different financial instruments are classified, measured, and derecognized. Furthermore, it specifies the recognition criteria for management fees, dividend income, and interest income, including specific rules for accrual and recognition based on contractual arrangements and the performance of trusts. The text also covers treatment for borrowing costs, employee benefits, and various accounting judgments and estimates.

This section details various accounting treatments related to employee benefits, taxation, property, plant, and equipment (PPE), intangible assets, investments in subsidiaries and associates, provisions, contingent liabilities, and financial instruments. It outlines specific rules for recognizing costs, measuring liabilities, handling tax components like current and deferred tax, and determining the cost and depreciation of various assets. Furthermore, it specifies criteria for classifying and measuring financial assets and liabilities.

This section details the accounting treatments for various financial instruments, including financial assets, liabilities, and equity instruments, under accounting standards. It outlines specific methods for measuring financial assets like debt instruments using the effective interest method and discusses the classification of investments in equity instruments based on various fair value models. Furthermore, the text covers impairment recognition for financial assets, write-off procedures for security receipts, and the accounting for financial liabilities.

This section details various accounting treatments, definitions, and the consolidated financial results for fiscal years 2026, 2025, and 2024. It outlines how financial assets and liabilities are offset, the computation of various earnings per equity share metrics, and the methodology for cash flow statements. Furthermore, it presents a detailed breakdown of income, expenses, and profit/loss figures across the three fiscal years, highlighting year-on-year changes in revenue, expenses, and profitability.

The financial performance shows fluctuations across the fiscal years, with notable changes in various income, expense, and cash flow components. Other income saw a significant increase from Fiscal 2024 to Fiscal 2025, largely driven by interest on income tax refunds. Total expenses decreased, but finance costs rose substantially, primarily due to increased interest on borrowings. There were changes in the write-off of security receipts, and various adjustments were made to operating cash flows based on gains/losses on consolidations and security receipts.

The financial performance shows growth in revenue and income between fiscal years, with total income increasing by 25.93% from FY2025 to FY2026. Revenue from operations grew by 26.26% in the same period, driven by higher fees and other income. Expenses also increased, particularly write-offs, finance costs, and employee benefits. The balance sheet shows an overall increase in total assets, attributed to portfolio growth in stressed assets, and changes in cash and investment levels.

This section details the financial position of the company as of March 31, 2026, including various liability structures, equity components, and cash flow activities over the preceding three fiscal years. The data shows significant changes in borrowings and equity structure, with total borrowings increasing substantially. Standalone cash flows indicate positive net cash generated from operating activities, though the details involve various write-offs and adjustments. Furthermore, the section provides information on financial indebtedness, contingent liabilities, capital expenditure, and capital adequacy ratios, alongside details on the recovery ratings of security receipts.

This section primarily discusses various market and operational risks, including foreign currency risk, interest rate risk, credit risk, liquidity risk, operational risk, and reputational risk. The company asserts that it is not significantly exposed to interest rate risk due to its investments in fixed deposits and security receipts issued by trusts. Furthermore, the company claims that it is not significantly exposed to credit risk because of its priority mechanism with trusts. Liquidity risk is addressed by stating that the company consistently generates sufficient cash flows and has access to other funding sources. The text also mentions no unusual or infrequent events, known uncertainties, or new products/business segments.

The section outlines the scope of outstanding litigation, specifying exclusions for criminal proceedings, actions by statutory or regulatory authorities, and claims related to direct and indirect taxes. It details a materiality policy for civil litigation, including monetary thresholds based on turnover, net worth, and profit or loss averages. It also defines thresholds for litigation involving the State Bank of India. Furthermore, it lists various pending civil litigation and recovery proceedings involving the Company and its subsidiaries, including numerous cases filed by various trusts under the Recovery of Debts and Bankruptcy Act.

The company is involved in numerous recovery proceedings across various tribunals under the Recovery of Debts and Bankruptcy Act, 1993, involving multiple trusts and entities. These proceedings span various tribunals in Delhi, Mumbai, Ahmedabad, Chennai, and Jabalpur. The proceedings cover various types of debts assigned to the company's various trusts, with claim amounts ranging significantly, from ₹15.09 Crore to ₹511.03 Crore. Many of these matters are currently pending.

The section details various pending legal and recovery proceedings involving the Company and its trusts against different entities, primarily through the Debts Recovery Tribunal, as well as numerous criminal proceedings filed by the State Bank of India. There are also instances of litigation concerning the distribution of assets from a liquidated company, disputes over market dominance by another company, and various proceedings under the Negotiable Instruments Act. Furthermore, there are pending matters related to the assignment of loans, insolvency proceedings, and tax issues concerning the promoters and other entities.

The section details various aspects of litigation, regulatory compliance, and approvals. There are no disciplinary actions by SEBI or Stock Exchanges filed against the Promoters as of the DRHP date. Regarding litigation involving Key Managerial Personnel and Senior Management, there is one pending criminal proceeding where a complainant alleged forcible attempt to dispossess the complainant of land. Furthermore, there are no actions by regulatory and statutory authorities filed against the Key Managerial Personnel and Senior Management. Several tax proceedings involving the Company, Subsidiaries, Promoters, and Directors are disclosed, quantifying the amounts involved in Direct Tax and Indirect Tax. Details on outstanding dues to creditors are also provided, showing amounts owed to Material Creditors, MSME creditors, and other creditors. The section also confirms that no material developments have occurred since the last balance sheet date, and no material findings or observations have been made by SEBI or other regulatory authorities.

The section details various aspects related to the Offer, including corporate approvals, shareholder consents, and compliance with regulatory requirements. It outlines resolutions passed by the Board and Selling Shareholders concerning the Offer, confirms that Selling Shareholders held the shares for at least one year prior to filing, and mentions in-principle listing approvals from BSE and NSE. Furthermore, it asserts that the Company and its related parties are not prohibited from accessing capital markets or debarred by regulators, and confirms compliance with Companies (Significant Beneficial Owners) Rules, 2018. The text also covers various disclaimers regarding responsibility, jurisdiction, and the filing status of the Draft Red Herring Prospectus with SEBI.

The provided section primarily details various procedural and disclosure requirements related to the Draft Red Herring Prospectus, including stipulations for international offerings and restrictions on equity share sales. It outlines disclaimers issued by the BSE and NSE regarding the content of the offer document, clarifying that the exchange does not warrant the correctness or completeness of the document. Furthermore, the text specifies the process for listing the equity shares on the BSE and NSE, including timelines for completing necessary formalities. It also includes provisions concerning potential impersonation under the Companies Act, 2013, and details various consents obtained from directors, promoters, and legal counsel, as well as expert opinions received from various Chartered Accountants.

This section primarily details various discount structures for equity shares offered to eligible employees and provides extensive historical and procedural information regarding investor grievances and regulatory exemptions. It includes various discount amounts offered based on different issue prices, historical IPO data from different financial years, and detailed procedures for handling investor complaints, including timelines for redressal and compensation mechanisms under the SEBI ICDR Master Circular.

This section details various regulatory and procedural aspects related to the offer, including conditions under the Companies Act, SEBI ICDR Regulations, SCRA, SCRR, and various listing regulations. It outlines the terms for the offer, such as the nature of the offer, the ranking of equity shares, dividend payment provisions, the face value, and the process for determining the offer price. Furthermore, it specifies the rules for bid submission, revision, and cancellation, including different timelines for various bidder categories and the procedures for unblocking funds.

This section details various procedural aspects related to the Bid/Offer process, including timelines for bid submission, rules regarding the acceptance of bids, and conditions for the allotment of equity shares. It outlines stipulations concerning the handling of bids, the potential for revisions to the price band, and the procedures for dealing with under-subscription or delays. Furthermore, it specifies different categories of investors (QIBs, Non-Institutional Investors, Retail Individual Investors) and the basis for allocating shares within these categories, including priority rules for certain entities.

This section details various procedural aspects related to the offer, including the applicability of different bid mechanisms, rules for investor eligibility, and timelines for listing. It outlines the phased implementation of the Unified Payments Interface (UPI) mechanism for applications, which has reduced the time from public issue closure to listing from six working days to three working days for issues opening on or after December 1, 2023. Furthermore, it specifies rules regarding the blocking of funds in investor accounts and the responsibilities of various parties concerning investor grievances and the implementation of the UPI mechanism.

This section details various restrictions and requirements concerning who can bid for securities in the Offer, including different categories of investors such as Eligible NRIs, FPIs, HUFs, and various financial institutions. It outlines rules regarding investment limits based on FEMA rules, requirements for attaching various certificates and documentation depending on the bidder's type, and procedures for handling multiple bids from FPIs. Furthermore, it specifies rules for participation by Alternative Investment Funds (AIFs), Venture Capital Funds (VCFs), and Foreign Venture Capital Investors (FVCIs), as well as rules for bids from limited liability partnerships and banking companies.

This section outlines various procedural and eligibility requirements for bidders participating in the offer process, covering aspects such as underwriting agreements, bid submission rules, and documentation compliance. It details restrictions on bid revisions, requirements for providing correct identification details (like PAN, DP ID), and rules concerning the use of electronic bidding systems and various investor categories. Furthermore, it specifies technical grounds for the rejection of bids, including issues related to fund blocking, documentation completeness, and timing restrictions for different bidder types.

This section primarily details various procedural and undertaking requirements related to the Offer, including allotment rules, payment mechanisms, and post-offer timelines. It outlines specific undertakings by the Company and the Selling Shareholders concerning the offer process, including timely resolution of complaints, timelines for listing, and restrictions on future equity share issuance. Furthermore, the text discusses restrictions on foreign ownership of Indian securities under various FDI and FEMA regulations, and clarifies the jurisdiction for the sale of the equity shares.

This section primarily outlines the governing legal framework for the company, including the Articles of Association, and defines various terms used within the company's operations. It details provisions regarding the application of certain regulations, the scope of the company's capital, and the powers related to share buy-backs and the issuance of various types of equity shares. Furthermore, it specifies conditions under which the company can issue redeemable preference shares.

This section details various aspects related to the maintenance and transfer of company records, including registers of members and debenture holders, and the procedures for dealing with share certificates. It outlines the power of Directors to close certain registers, the requirement for certain documents to be kept in electronic form, and the rights of members and beneficial owners concerning securities held with a Depository. Furthermore, it covers the process for issuing, delivering, and replacing share certificates, including provisions for dealing with damaged or lost certificates.

This section primarily details the procedures related to the issuance, calls, and forfeiture of shares and debentures. It outlines rules regarding the payment of out-of-pocket expenses, the time limits for issuing certificates, the power of the Board to issue fractional certificates, and the process for handling calls made on shares. Furthermore, it specifies conditions under which shares may be forfeited due to non-payment, the notice requirements for such forfeiture, and the subsequent rights of the company to dispose of the forfeited shares.

This section primarily details the provisions related to the transfer of shares, the power of the Company to refuse such transfers, and various aspects concerning the rights of shareholders and the company's capital structure. It outlines procedures for share transfers, including requirements for notice and the Company's ability to refuse them. Furthermore, it covers issues such as the transfer to minors, the recognition of rights upon the death or insolvency of a member, and the process for increasing, reducing, or altering the company's share capital.

This section of the DRHP primarily outlines various provisions related to the division and modification of share capital, the rights of different classes of shareholders, joint holding of shares, and the powers concerning the borrowing and issuance of securities. It details procedures for convening general meetings, including annual and extraordinary meetings, and specifies the requirements for notice and the nature of business transacted at these meetings. Furthermore, it establishes rules regarding the disclosure of material facts concerning directors, key managerial personnel, and their related interests in other companies.

This section details various procedural rules and provisions related to General Meetings, including requirements for special notice, the use of postal ballots, and participation through electronic means. It outlines rules for quorum, the election of a Chairman when the Chair is vacant, and procedures for handling situations where a quorum is not present. Furthermore, the text covers the process for deciding resolutions, including the demand for a poll, the rights of members to use their votes, and the procedures for appointing and using proxies and attorneys to vote on behalf of members.

This section primarily details various procedural and governance aspects related to the appointment, retirement, and qualifications of Directors, including requirements for compliance with asset reconstruction laws, rules from the SEBI Act, and regulations concerning debenture holders. It outlines rules for the appointment of Alternate Directors, the tenure of Directors, and procedures for handling casual vacancies. Furthermore, it establishes disclosure requirements for Directors regarding their interests in contracts or arrangements with the company and sets limits on directors' involvement in certain contracts.

This section primarily details procedural aspects related to the appointment, removal, and functioning of the Board of Directors and other officers of the company. It outlines rules concerning the power of the Company to increase or reduce the number of Directors, the eligibility of persons to stand for directorship, and the procedures for removing Directors. Furthermore, it covers the appointment of Managing Directors, the scope of their powers, and the remuneration structure. Finally, it addresses the convening, notice, and quorum requirements for Board meetings, including provisions for adjournments and the delegation of powers to committees.

This section details various aspects related to the governance and powers vested in the Board of Directors and its committees. It outlines the rules for meetings, the election of a Chairman, and the broad powers the Board has to exercise on behalf of the Company, such as making calls on shareholders, borrowing money, investing funds, and approving financial statements. Furthermore, it specifies certain powers that require the consent of the Company, such as selling assets or borrowing money exceeding certain limits. The text also covers provisions regarding the validity of acts done by the Board, the procedure for resolutions passed by circulation, the reconstitution of the Board, and the general powers and specific powers granted to the Directors, including the power to institute legal proceedings and give security.

This section details various powers and restrictions granted to the Directors concerning the management and operation of the Company, including the power to deal with company property and investments at their discretion. It also outlines powers related to appointing officers, establishing local Boards, and entering into contracts. Furthermore, the text specifies various provisions regarding the division and distribution of profits, the payment of dividends, and the handling of unpaid dividends.

This section primarily details the legal framework surrounding the capitalization of various funds and assets, the maintenance of company accounts, and the procedures for financial reporting and auditing. It outlines rules for resolving disputes regarding the distribution of profits and reserves, specifies requirements for keeping true accounts, and defines the process for laying financial statements before the company. Furthermore, it establishes rules for the authentication of these documents and the rights of auditors to inspect company records.

This section primarily details various legal and procedural provisions related to the company's winding up, distribution of assets, and the documentation provided for inspection in connection with the Draft Red Herring Prospectus. It outlines rules for the liquidator's actions concerning asset division and the rights of contributors, including provisions for dissent. Furthermore, it lists numerous material contracts and documents, including various agreements, certificates, and reports, which are attached to the prospectus for inspection.

The section details various regulatory filings and undertakings related to the company's disclosures, primarily concerning exemptions under SEBI ICDR Regulations. This includes applications to classify certain entities as a 'promoter group' and subsequent letters from State Bank of India regarding required undertakings. Several due diligence certificates and final observation letters from SEBI are also mentioned.

This section primarily contains declarations from various directors and the Chief Financial Officer certifying compliance with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India and the Securities and Exchange Board of India. Additionally, a declaration from Avenue India Resurgence Pte. Ltd. confirms the truth and correctness of statements made by the company in the Draft Red Herring Prospectus regarding itself and the equity shares offered.

The provided section primarily consists of declarations from various selling shareholders (State Bank of India, Lathe Investment Pte. Ltd., and The Federal Bank Limited) certifying the truth and correctness of statements made in the Draft Red Herring Prospectus regarding themselves and the equity shares offered. These declarations include disclaimers regarding responsibility for statements made by other parties or relating to the company.

This section details various related party transactions categorized by the nature of the relationship and the type of transaction, covering disclosures for fiscal years ending March 31, 2026, 2025, and 2024. The disclosures include transactions with associates, various trusts, and subsidiaries, including fees, income, write-offs, and investments. Specific transactions involve payments to key managerial personnel and directors, as well as significant amounts related to various trusts and subsidiaries.

This section primarily lists numerous trusts and entities related to the company, which appear to be related parties. It mentions various entities such as Mafatlal Engineering Industries Ltd Trust, Arcil-Maridia Steel Limited-IV Trust, and many others, suggesting a network of such relationships. The text directs the reader to a separate note for further details on related party transactions and provides a risk factor warning regarding past and potential future related party transactions.

The company's Board of Directors consists of seven members, including one Executive Director, two Non-Executive Directors, and four Non-Executive Independent Directors. The Board structure is detailed in a table listing the names, designations, and terms of directorship for each director. Key personnel profiles highlight the qualifications and prior professional experience of the Chairman and CEO, the Non-Executive Directors, and the Non-Executive Independent Directors.

The section details various aspects related to the remuneration, interests, and changes in the Board structure of the company. It specifies that no directors have received remuneration from the subsidiary or associates for the fiscal year 2026. Furthermore, it outlines the interest directors may have in certain contracts or transactions with companies they promote or in which they hold directorships. The text also lists several changes to the Board over the preceding three years, including appointments, cessations, and reappointments of various directors and key managerial personnel.

The section details various functions and responsibilities delegated to the Board, including the power to determine sitting fees, remuneration, and performance evaluation policies for directors. It outlines the constitution of several key committees, such as the Stakeholders’ Relationship Committee, the Corporate Social Responsibility and Environmental, Social and Governance Committee, and the Risk Management Committee, specifying their respective mandates. Furthermore, the text lists several Key Managerial Personnel (KMP) and Senior Management personnel, detailing their roles, qualifications, and tenure with the company.

This section details the key managerial personnel of the company, including their roles, compensation, and various relationship disclosures. It lists specific details for key personnel such as the Chief Compliance Officer and Head of Collection as a Service, along with their respective remuneration for Fiscal 2026. The text also clarifies that no retirement or termination benefits are provided, and that key personnel are permanent employees. Furthermore, it outlines restrictions regarding relationships with major shareholders, customers, or suppliers, and confirms that no non-salary related benefits have been paid to officers in the preceding two years.

The company's promoters are Avenue India Resurgence Pte. Ltd. and State Bank of India, who are also classified as Sponsors under RBI Master Directions and the SARFAESI Act. Cumulatively, the promoters hold 29,13,83,245 equity shares, representing 89.68% of the paid-up equity share capital. Avenue India Resurgence Pte. Ltd. holds 22,65,66,265 equity shares, aggregating 69.73% of the company's paid-up equity share capital. State Bank of India holds 19.95% of the company's equity share capital. The promoters have no identifiable promoters, and the shares of Avenue India Resurgence Pte. Ltd. are not currently listed on any stock exchange.

The provided text lists numerous entities, including various banks, investment funds, and financial services companies, which are identified as promoters. It also mentions that certain entities are exempted from being classified as part of the Promoter Group under the SEBI ICDR Regulations due to an exemption application granted by SEBI. Furthermore, the text details the dividend policy, including factors considered for dividend declaration and the history of dividend payments. Finally, it presents detailed statistical information regarding the company's Assets Under Management (AUM) across different segments, deal types, and aging periods, along with the company's share in the total AUM.

This section provides various financial metrics related to the company's assets, acquisitions, collections, and profitability over fiscal years. It details different measures of Assets Under Management (AUM) categorized by tenure, various types of acquisitions, and the performance of collections and recoveries. Furthermore, it presents financial statements including borrowings, debt-to-equity ratios, and various profitability ratios calculated on a standalone and consolidated basis.

This section provides detailed financial data for the company across three fiscal years, including metrics such as income, expenses, profit, and various financial ratios. The data includes figures for the years ended March 31, 2026, March 31, 2025, and March 31, 2024. Key financial performance indicators like PAT margins, Debt to Equity ratios, and Return on Average Equity and Total Assets are presented.