M&A

M&A

IndoStar Capital sells two builder loans to Phoenix ARC for Rs.790-Cr

Economic Times  

Non-banking finance company (NBFC) IndoStar Capital Finance has sold two stressed loans of Puranik Builders and Kanakia Spaces Realty for INR 790 crore to Phoenix Asset Reconstruction Company. The sale is an 86% recovery on the total loan outstanding of INR 915 crore. Phoenix ARC is a Kotak Group entity. Phoenix ARC will establish a trust responsible for overseeing the progress of associated real-estate projects. The trust will also consider allocating funds to complete these projects.