+
L&T Finance sells real estate loans to Phoenix ARC
ECONOMY & POLICY

L&T Finance sells real estate loans to Phoenix ARC

According to persons with knowledge of the event, L&T Finance, a division of the publicly traded L&T Finance Holdings, sold a stressed portfolio with a total loan value of 718000 million to the Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) during an auction last week.

According to the sources, six real estate accounts from the portfolio were sold for a total of 710,750 million, representing a 60% profit for L&T Finance. A notice posted by the financing company on its website at the beginning of last month stated that the company was seeking proposals under a 15:85 structure for ten accounts totaling $3,0225 million in loans.

Phoenix ARC purchased Nirmal Lifestyle Developers with loans totaling $790 crore, Nirmal Lifestyle Malls with loans totaling 7231 crore, Brownish Realty with loans totaling 222 crore, Coast Realtors with loans totaling R113 crore, Poise Realtech with loans totaling 279 crore, and SU Toll Road with loans totaling 168 crores.

According to persons with knowledge of the event, L&T Finance, a division of the publicly traded L&T Finance Holdings, sold a stressed portfolio with a total loan value of 718000 million to the Kotak Mahindra Bank-backed Phoenix Asset Reconstruction Company (ARC) during an auction last week. According to the sources, six real estate accounts from the portfolio were sold for a total of 710,750 million, representing a 60% profit for L&T Finance. A notice posted by the financing company on its website at the beginning of last month stated that the company was seeking proposals under a 15:85 structure for ten accounts totaling $3,0225 million in loans. Phoenix ARC purchased Nirmal Lifestyle Developers with loans totaling $790 crore, Nirmal Lifestyle Malls with loans totaling 7231 crore, Brownish Realty with loans totaling 222 crore, Coast Realtors with loans totaling R113 crore, Poise Realtech with loans totaling 279 crore, and SU Toll Road with loans totaling 168 crores.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors.To read full article Click Here ..

Next Story
Real Estate

Glass, Reframed!

Glass façades, quintessential aesthetic building envelopes globally, have been widely adopted in India as well. But when the focus is high-performance building systems that deliver energy efficiency, comfort and architectural identity, glass isn’t the only preference. Combination solutions, involving glass and some other material, improve façade outcomes. Some combinations come at comparable prices, some at a higher price. Here is a selection of performance-oriented solutions...To read the full story Click Here ..

Next Story
Infrastructure Urban

Beyond Building Faster

India’s cities are expanding at an unprecedented pace, bringing new infrastructure and development opportunities while also intensifying challenges around mobility, public spaces, liveability and supporting infrastructure. The question, therefore, is not simply whether India can build faster, but whether it can build cities that work better.At a CW webinar, Are We Designing Better Cities – or Just Building Faster?, moderator Ar. Samir Shaikh, Founding Principal, AR&UD Studio, brought together perspectives from design, development, master planning and technology...To read the full artic..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code