Phoenix ARC acquires 2 stressed realty loans for Rs.1,500-Cr from IIFL

Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought two real estate developer loans amounting to INR 1,800 crore from IIFL (India Infoline Finance Ltd) in a structured deal, for INR 1,500 crore, offering around 83% recovery to the Fairfax-backed non-bank lender.Phoenix has offered 15% cash and 85% security receipts for the loans that include a project in Noida and another in Jogeshwari, Mumbai. Phoenix ARC was the only participant in the open auction.