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

"Join industry leaders at RAHSTA Expo, India's premier platform for roads, highways and traffic infrastructure. Register now to explore innovations, network with experts and shape the future of mobility."

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

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

Real Estate

07 Jul 2026

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

Infrastructure Urban

07 Jul 2026

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..