Reserve Bank of India (RBI) Approves Areion Group’s Rs 936 Crore Acquisition of Aviom India Housing Finance

Key facts

• The Reserve Bank of India (RBI) has approved Areion Group's Rs 936 crore acquisition of Aviom India Housing Finance.
• RBI also granted fit-and-proper approval to Areion Group promoter Manish Lalwani.
• The resolution process will now move to the National Company Law Tribunal (NCLT) for final approval.
• Areion's unconditional Rs 936 crore offer is expected to result in a recovery of about 65% for Aviom's lenders.
• Unity Small Finance Bank had submitted a higher bid of Rs 977.5 crore, but lenders chose Areion's unconditional offer.
• Areion Group appointed Suresh Khatanhar, former deputy managing director of IDBI Bank, as group chief executive officer.
• Aviom was admitted to the corporate insolvency resolution process by RBI in February of the previous year after defaulting on debt obligations.