M&A

M&A

Omkara ARC buys PNB Housing's Rs. 784-Cr loan to Joyous Housing Economic Times Omkara ARC has ac

Economic Times  

Omkara ARC has acquired INR 784 crore loan outstanding from PNB Housing Finance to Joyous Housing Ltd in an all-cash deal. The loan constituted around 1.3% of the lender's loan asset as of June 30, 2023. The account was resolved on August 19, 2023, following the ARC sale under the 'Swiss Challenge' method. Joyous Housing had failed to repay INR 715.60 crore of the INR 800 crore secured construction finance availed from PNB Housing. Alvarez and Marsal was the advisor for the process.