Piramal Capital | DHFL Loan: Piramal Capital initiates sale of Rs 5,500 cr DHFL bad loan portfolio

Mumbai: Piramal Capital & Housing Finance has initiated the sale of ₹5,546 crore of unhealthy mortgage portfolio inherited from Dewan Housing Finance (DHFL), with the acquisition worth within the binding bid set at a 46% restoration threshold of ₹2,550 crore, two sources conscious of the event instructed ET. There can be a Swiss Problem to the anchor bid from JM Monetary Asset Reconstruction Co (JM Monetary ARC).

A Piramal spokesperson declined to remark, whereas a JM Monetary ARC spokesperson didn’t reply to requests for feedback.

Piramal has requested bidders to submit expressions of curiosity the place the provide quantity is a mark-up of at the least 10% to the bottom provide of ₹2,550 crore. The bids may be made in all money foundation or cash-plus-security receipts foundation, the place 15% of the bid quantity can be paid in money and the remaining in safety receipts. Safety receipts are quasi debt devices, that are redeemed when the ARC recovers the underlying debt.

Piramal has acquired an total buy consideration of ₹2,550 crore, which incorporates 15% money cost and 85% in safety receipts. The receipts can be subscribed by Piramal Capital or its affiliate(s). Piramal has been promoting unhealthy loans to scrub up the confused e-book of DHFL, having acquired the distressed mortgage lender in a chapter public sale.

“As a part of the DHFL acquisition, (we) inherited a bunch of wholesale loans. And from the time of acquisition which was September 2021, we’ve got been consciously making an attempt to promote these whether or not it is NPAs, PTCs or regardless of the case could also be,” Anand Piramal, government director, Piramal Group, had stated final month.

In September 2021, Piramal had acquired DHFL for ₹34,250 crore, involving ₹14,717.4 crore of money. It additionally issued bonds to DHFL lenders for the steadiness ₹19,532.5 crore.