Piramal Capital & Housing Finance will sell its ₹5,546-crore bad loan portfolio inherited from Dewan Housing Finance (DHFL) to JM Financial Asset Reconstruction Company after a Swiss challenge auction failed to attract any counter offer, two people aware of the development said.
JM Financial ARC has offered to purchase the portfolio for ₹2,550 crore, equating to a 46% recovery rate.
Piramal Capital had initiated a Swiss Challenge against the ARC’s anchor bid, inviting other interested bidders to submit expressions of interest by March 15, with the offer amount required to be a minimum of 10% higher than the base offer of ₹2,550 crore.
Source:
Economic Times
