Piramal Capital sells off bad loans worth Rs.4,451-Cr

Piramal Capital and Housing has sold distressed loan portfolios aggregating to INR 4,451 crore to finance company VSJ Investments at a steep discount. The portfolio was sold in two tranches - INR 2,748 crore for INR 275 crore and INR 1,467 crore for INR 270 crore. Most of the portfolio consisted of loans from DHFL, the housing finance firm Piramal had acquired last year under an insolvency process.