Other Deals

IndusInd to sell Future Retail loans to Edelweiss ARC

Economic Times  

Private lender IndusInd Bank is to sell its INR 247 crore principal loans of Future Retail and Asian Hotels (North) Ltd to Edelweiss Asset Reconstruction Company for INR 195 crore. IndusInd Bank invited offers for the INR 142 crore secured principal loan given to Kishore Biyani promoted Future Retail and INR 105 crore principal loan given to Asian Hotel Delhi under the 15:85 basis. Under the conventional 15:85 structure, the bank will receive 15% of the consideration as upfront payment, while for the remaining 85%, the ARC will issue security receipts (SR) which would be redeemed as they recover their dues from the borrowers.

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