Omkara ARC acquires Rs 7.84-bn loan from PNB Housing of Joyous Housing

23 Aug 2023 CW Team

The account was purchased by Omkara ARC through an all-cash deal.

According to a stock exchange announcement, PNB Housing Finance declared the successful resolution of a significant corporate non-performing account (NPA) valued at Rs 7.84 billion, which constituted approximately 1.3% of the loan assets as of June 30, 2023. The resolution took place on August 19, 2023, subsequent to the ARC sale under the 'Swiss Challenge' method.

Joyous Housing had not been able to repay Rs 7.15 billion out of the Rs 8 billion secured construction finance obtained from PNB Housing. Alvarez and Marsal oversaw the process. However, PNB Housing, Omkara ARC, and Alvarez and Marsal did not provide immediate responses to inquiries regarding this development.

PNB Housing Finance reported gross NPAs of Rs 22.70 billion, which accounted for 3.76% of the loans by June 30. The company's total loans extended amounted to Rs 603.95 billion.

The company recently raised funds amounting to Rs 24.93 billion through a rights issue in May. The rights issue was oversubscribed by approximately 1.21 times and saw participation from PNB, Carlyle, Ares SSG, and General Atlantic. As of June 30, Carlyle held a 32.7% stake, PNB held 28.2%, and Ares SSG maintained a 9.9% ownership in the company. The mortgage lender's asset quality had notably deteriorated, with the gross NPA ratio rising to 8.1% on March 31, 2022, from 0.5% on March 31, 2019. Nevertheless, the company managed to reduce its stressed book through legal proceedings, one-time settlements, and write-offs, leading to an improvement in the gross NPA ratio, which stood at 3.83% by March 31 of the current year.

Also read:
Vande Bharat Express on Chandigarh-Jaipur in talks for commencement
Railways expedite commercial land monetisation through private leasing

Omkara ARC has reportedly acquired a loan outstanding of Rs 7.84 billion from PNB Housing Finance of Joyous Housing Limited. The transaction was executed at par and assisted the mortgage lender in addressing a substantial non-performing asset. The account was purchased by Omkara ARC through an all-cash deal. According to a stock exchange announcement, PNB Housing Finance declared the successful resolution of a significant corporate non-performing account (NPA) valued at Rs 7.84 billion, which constituted approximately 1.3% of the loan assets as of June 30, 2023. The resolution took place on August 19, 2023, subsequent to the ARC sale under the 'Swiss Challenge' method. Joyous Housing had not been able to repay Rs 7.15 billion out of the Rs 8 billion secured construction finance obtained from PNB Housing. Alvarez and Marsal oversaw the process. However, PNB Housing, Omkara ARC, and Alvarez and Marsal did not provide immediate responses to inquiries regarding this development. PNB Housing Finance reported gross NPAs of Rs 22.70 billion, which accounted for 3.76% of the loans by June 30. The company's total loans extended amounted to Rs 603.95 billion. The company recently raised funds amounting to Rs 24.93 billion through a rights issue in May. The rights issue was oversubscribed by approximately 1.21 times and saw participation from PNB, Carlyle, Ares SSG, and General Atlantic. As of June 30, Carlyle held a 32.7% stake, PNB held 28.2%, and Ares SSG maintained a 9.9% ownership in the company. The mortgage lender's asset quality had notably deteriorated, with the gross NPA ratio rising to 8.1% on March 31, 2022, from 0.5% on March 31, 2019. Nevertheless, the company managed to reduce its stressed book through legal proceedings, one-time settlements, and write-offs, leading to an improvement in the gross NPA ratio, which stood at 3.83% by March 31 of the current year. Also read: Vande Bharat Express on Chandigarh-Jaipur in talks for commencement Railways expedite commercial land monetisation through private leasing

Equipment

12 Dec 2025

Schwing Stetter India Unveils New Innovations at Excon 2025

Schwing Stetter India unveiled more than 20 new machines at Excon 2025, marking one of its most significant showcases and introducing several India-first technologies to the construction equipment sector. The company launched the country’s first 56-metre boom pump designed and manufactured in India, the first fully electric truck mixer, the first CNG mixer variant and the first hybrid boom pump. Executives said the launch portfolio was engineered to support India’s move toward faster, greener and more vertically oriented infrastructure through advanced engineering, clean-energy solutions a..

Infrastructure Energy

12 Dec 2025

SEPC Resolves Hindustan Copper Dispute, Wins Rs 725 Mn Order

Engineering, procurement and construction firm SEPC Ltd has recently settled a dispute with Hindustan Copper Ltd (HCL) and secured a mining infrastructure order valued at Rs 725 million from the state-owned company. SEPC informed the stock exchanges that it has executed a settlement deed with HCL, bringing closure to all inter-se claims and counterclaims arising from arbitration proceedings. As part of the settlement, SEPC will receive Rs 304.5 million as full and final payment, marking the resolution of all pending disputes between the two entities. The company also stated that Hindustan Co..

Infrastructure Energy

12 Dec 2025

20% Ethanol Blending Cuts India’s CO2 Emissions by 73.6 Mn Tonnes

Union Road Transport and Highways Minister Nitin Gadkari recently said that India has reduced carbon dioxide emissions by 73.6 million metric tonnes due to the adoption of 20 per cent ethanol blending in petrol. He made the statement while replying to supplementary questions during the Question Hour in the Lok Sabha. Describing ethanol as a green fuel, the minister said it plays a key role in reducing pollution while also supporting higher incomes for farmers. He underlined that ethanol blending contributes both to environmental sustainability and rural economic growth. Nitin Gadkari also po..