piramal: Piramal Capital to promote extra loans for Rs 1,669 crore

Piramal Capital & Housing Finance is in talks to promote a pressured mortgage portfolio value ₹2,437 crore unfold throughout 14 accounts to JM Monetary ARC for ₹1,669 crore. This entails a restoration of 68% on the account. The mortgage was placed on sale by a Swiss public sale, a aggressive bidding course of that ensures transparency and maximises worth for the asset. The public sale concluded on June 27, with JM Monetary ARC because the anchor bidder. Since no bidder confirmed curiosity, the mortgage shall be bought to the anchor bidder.

The sale was structured as a cash-security receipt (SR) transaction, with 13% of the consideration paid in money and the remaining 87% within the type of safety receipts.

Spokespersons of each Piramal and JM Monetary ARC didn’t reply to a request for remark.

That is the second mortgage that the corporate is trying to promote in lower than 10 days. It had additionally bought a complete mortgage excellent pool of ₹3,656 crore to Omkara ARC for ₹625 crore final week. The sale resulted in a restoration of 17percents for Piramal. The principal excellent of the pool was ₹3,656 crore as of Might 15, 2023 and unfold throughout 7-8 accounts.

These exposures embrace inherited soured advances from the DHFL acquisition. The mortgage lender was bought in a chapter.