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HDFC to sell stressed acs of Siti Networks, 3 others to ACRE for Rs.270-Cr

Economic Times  

HDFC Ltd is in the final stages of selling four large distressed accounts, including that of Subhash Chandra-promoted Siti Networks, to Assets Care and Reconstruction Enterprise (ACRE). ACRE, a buyer of soured loans, has given a binding bid of INR 270 crore to acquire HDFC's INR 577-crore portfolio of the four corporate accounts. Its offer works out to a recovery of 47% for HDFC. BSE-listed Siti Networks is the biggest of the four accounts in this portfolio, accounting for INR 198.5 crore. The other three accounts are those of MEP Infrastructure Developers with a principal loan of INR 125 crore, Hotel Horizon at INR 163 crore, and Sterling Urban Development at INR 90 crore. These four accounts are already fully provided for in HDFC's books.