Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.
L&T Finance sells 6 realty loans to Phoenix ARC for Rs.1,075-Cr
L&T Finance, a subsidiary of listed L&T Finance Holdings, has sold a stressed portfolio with total loans of INR 1,800 crore to Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) at an auction. The finance company invited offers under a 15:85 structure for 10 accounts with a total loan of INR 3,022.5 crore. The portfolio included six real estate accounts sold for INR 1,075 crore, equating to a 60% recovery for L&T Finance. The other four accounts that were on sale but did not receive any offers include Supertech with loans of INR 515 crore, Mabsoot Buildhomes (INR 276 crore), Coast Town Planners (INR 279 crore) and Perpendicular Construction (INR 148 crore).
Want to receive such news items in your inbox? Click Here to sign up for a trial.
Venture Intelligence (TSJ Media Pvt. Ltd.)
1, Maharani Chinnamba Road; Alwarpet; Chennai - 600018. India.