Phoenix Arc News Today

It has offered 15% cash and 85% security receipts for the loans that include one project in Noida and another in Jogeshwari, Mumbai. Phoenix ARC was the only participant in the open auction, the source said. Both Phoenix ARC and IIFL spokespersons did not respond to a request for comment until press time Sunday.

It has offered 15% cash and 85% security receipts for the loans that include one project in Noida and another in Jogeshwari, Mumbai. Phoenix ARC was the only participant in the open auction, the source said.

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Kotak Mahindra Bank-backed Phoenix ARC and Edelweiss Asset Reconstruction Company are interested in acquiring State Bank of Indias loan to Hindusthan National Glass (HNG). Prudent ARC, UV ARC, and Omkara ARC have also submitted expressions of interest. HNG, the largest glass bottle maker, was admitted for insolvency on a petition by DBS Bank. HNG has received resolution plans from AGI Greenpac and Madhvani Group.

Rating agency Crisil which had organised the webinar said it expects assets under management (AUM) growth in the sector to moderate to 5% to 6% in fiscal ending March 2025 from 17% in March 2023, which was largely because unlike last fiscal there is no large transfer from a bank (Yes Bank) to an ARC (JC Flowers).

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L&T Finance, a subsidiary of listed L&T Finance Holding, had invited offers from ARCs for a portfolio of ₹5,293 crore comprising 16 accounts. It invited offers from ARCs in a combination of security receipts (SR) and cash payment wherein 15% will be paid as upfront cash and the balance 85% as security receipts. It had set a reserve price of ₹2,080 crore.

Indostar Capital Finance: Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days. Classification of borrower accounts occurs during the day-end process for the specified date.

The recovery rate is considered good given that these loans were overdue by around 60 days. "The recovery was good as the loan accounts were tagged in stage 2 and chances of recovery are strong," said a source. Non-banking finance companies (NBFCs) categorise loans as stage 2 if the overdue period is between 30 and 60 days. Classification of borrower accounts occurs during the day-end process for the specified date.

Nisus Finance Group and Phoenix ARC have invested approximately Rs 100 crore in a commercial project called Swaminarayan Business Park in Ahmedabad. The investment will allow them to take over the project and exit the loans of the previous lender, DHFL. Nisus Finance invested through its Real Estate Special Opportunities Fund -1, while Phoenix ARC is the asset reconstruction arm of Kotak Mahindra Group. This joint investment marks the first collaboration between Nisus BCD and Phoenix ARC. The pr...