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

Infrastructure Urban

05 May 2026

Meghalaya And Assam Hold Talks To End Transport Stoppages In Garo Hills

Meghalaya and Assam have opened talks aimed at ending recent stoppages of commodity transport in the Garo Hills, officials said. The deputy chief minister, in charge of home affairs, reported that both state governments are coordinating to resolve disruptions and to restore normal movement of goods. He acknowledged that misunderstandings may have contributed to the incidents and that clarification between administrative units is under way. The discussions are intended to produce practical arrangements that will allow consignments to move without hindrance while respecting local procedures. The..

Infrastructure Transport

05 May 2026

Kochi Metro Records 1.375 mn Rise In Passengers In FY26

Kochi Metro recorded a marginal rise in ridership in the financial year 2025-26, carrying 1.375 mn more passengers than in the previous year. The service carried 36.8 million (mn) passengers in 2025-26 compared with 35.5 mn in 2024-25, representing a year-on-year increase of 3.9 per cent. The growth was described as distributed rather than concentrated in isolated spikes. A month-wise analysis shows steady gains across quarters. In the first quarter, ridership increased from 8.57 mn to 8.84 mn, while the second quarter rose from 9.13 mn to 9.51 mn. These trends indicated broad-based improvemen..

Infrastructure Transport

05 May 2026

Ghaziabad Plans 16km Metro Link To Delhi Via Hindon Airport

Ghaziabad authorities are pursuing a 16 km metro link to Delhi that will run via Hindon Airport, and a detailed project report is under way. The plan is intended to improve connectivity between Ghaziabad and the national capital and to provide an interchange with the airport. Officials said the project is being studied to assess alignments, station locations and cost estimates ahead of formal approvals and tendering. The announcement follows the inauguration of the Delhi?Faridabad metro extension, which will offer hassle free travel for around 0.2 mn daily commuters between the national capita..