Home / Business and Economy / Unity SFB Acquires Aviom India for ₹977.5 Cr
Unity SFB Acquires Aviom India for ₹977.5 Cr
23 Dec
Summary
- Unity Small Finance Bank won the bid for Aviom India Housing Finance.
- The acquisition was finalized for an upfront payment of ₹977.5 crore.
- Aviom India Housing Finance defaulted on loans and was admitted for resolution.
Unity Small Finance Bank has successfully acquired the bankrupt Aviom India Housing Finance for a substantial upfront payment of ₹977.5 crore. This acquisition marks the conclusion of a rigorous bidding process overseen by the National Company Law Tribunal.
Six entities initially expressed interest, with three proceeding to the challenge auction. Unity SFB ultimately emerged victorious, surpassing offers from competitors like Areion and Authum Investment and Infrastructure. The administrator had set a floor price of ₹800 crore for the auction.
Aviom India Housing Finance was placed under corporate resolution in February, following defaults on its loans. The admitted claims against the company total ₹1,363 crore, with Unity SFB's offer potentially representing a 71% recovery for its lenders.
