Pegasus Assets Reconstruction Pvt. Ltd. Is the first company in the private sector to receive the certificate of registration from the reserve bank of india. It is also the only arc with a truly independent board of directors which includes a former executive director, international monetary fund (imf), a former chairman of india's largest merchant bank- sbi caps, a former chairman of the central board of direct taxes, and a former chairman of union bank of india, bank of india and indian banks association.
It's indian managing director and deputy managing director have a combined experience of over 50 years in the indian banking and finance sectors. Combined, they have raised more than $2. 6 billion from the indian public equity and debt markets and launched some of the largest mutual funds in the country. The managing director has given loans of over $ 2 billion to over 2,200 companies and worked on resolutions worth $200 million of over 200 accounts. The deputy managing director conceptualized and sold new financial instruments in the indian capital markets such as equity linked debentures and equity linked preference capital.
Team / Manpower
Board of Directors-
S. K. Tuteja, Chairman (Independent)
V. K. Chopra, Director (Independent)
Sameer Sain, Director (Independent)
Anshul Bhimjyani, Director
Bhavik Bhimjyani, Director
Manish Gupta, Director
Aim / Vision / Mission
Pegasus' vision is to be the leading independent Asset Reconstruction Company (ARC) in india, providing the highest possible returns to investors and lenders.
Maximize Value through innovative resolution methodologies
Minimize losses arising from dispositions
Help create a thriving secondary market for distressed debt securities.
Nature of Business
More than Rs. 500 Crore ( or More than US$ 100 Mn Approx.)
Posted on: [20-DEC-10]
Happenings / News / Press Coverage
The Supreme Court's upholding of the Securitisation Act has cleared the decks for the entry of Asset Reconstruction Companies into the country. The latest to file for registration has been Pegasus Asset Reconstruction Pvt. Ltd, in which US NPA resolution firm PNL Companies holds a 24.5 per cent equity stake.
MR Sivaraman, former Revenue Secretary of the Government of India, will be the chairman of the ARC. PNL Companies is also planning a $200 million "distressed debt fund" to turn around Indian companies.
One of the main problems for ARCs in India is the question of valuation. While the value of a distressed asset in a bank's books is high because it consists of principal and accrued interest, its real value is much lower. Most public sector banks are reluctant to let go of the asset at less than book value, because they're worried about the vigilance angle. Under the approach proposed by Pegasus, however, the ARC enters into a joint venture with the bank for the management of the asset. It then gets in fresh promoters who can get in new working capital and revive the asset.
Finally, the asset is sold off and the proceeds shared between the bank and the ARC. PNL (which currently handles $18 billion worth NPAs in the US) has pioneered such joint venture models for the Resolution Trust Company in the US which allowed lending institutions to participate in the upside of successful NPA resolutions.
Offering real estate development services for office complex construction, commercial building construction and residential houses in Delhi. Also providing architectural, designing and consultancy services.