Rare Asset Reconstruction Ltd. gave a binding offer to RBL Bank Limited (NSEI:RBLBANK) to acquire a loan of Coffee Day Enterprises Limited (NSEI:COFFEEDAY), the company that operates the Cafe Coffee Day chain, said people aware of the development. Rare ARC has offered an upfront payment of INR 680 million for a total loan of INR 11,040 million, equating to a recovery of 62% for the private lender. The binding offer by Rare ARC has triggered a Swiss challenge auction.
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