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HDFC sells more bad loans to ACRE ARC

Dated on: Thursday 6th July 2023

HDFC Bank, which recently merged with HDFC, has successfully sold a collection of eight real estate accounts to Assets Care and Reconstruction Enterprise (ACRE) ARC for a total value of ?305 crore. The portfolio includes well-known entities such as Tridhaatu Realty, ATS Infra, Paranjape Schemes, and Puranik Builders. The combined outstanding loan amount for these accounts was approximately ?1,300 crore, resulting in an immediate recovery of around 23%. ACRE ARC, supported by Ares SSG, emerged as the primary bidder by offering ?305 crore in upfront cash for the acquisition. Furthermore, HDFC is entitled to receive 65% of any recoveries above ?85 crore for one group of accounts.

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