Edelweiss Asset Reconstruction Company (ARC) has bought the majority stake in debt-ridden Adhunik Power and National Resources for Rs 2,800 crore.

Under the 15:85 structure, a majority of the 24 member consortium led by the State Bank of India, sold stake in the Kolkata based power firm where for the first time lenders would receive Rs 420 crore as upfront cash on sale of distressed assets.

As per the officials aware of the development, Edelweiss ARC has paid around Rs 313 crore in the deal as a few banks are yet to sell their part.

Read Equitypandit’s Technical Analysis of Indian Stock Market