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Mumbai: HDFCmerged with HDFC bank Last week, sold a portfolio of eight real estate accounts, including major names Tridhatu Realty, ATS Infra, Paranjape Schemes And Puranik Builders For a total price of ₹305 crore property care and reconstruction enterprise (ACRE) ARC.
The combined outstanding loan amount of this pool was around ₹1,300 crore, which meant an immediate recovery of around 23%. ACRE ARC, backed by Ares SSG, emerged as the anchor bidder, offering ₹305 crore in cash upfront for the purchase. Additionally, HDFC is entitled to 65% of all recoveries above ₹85 crore for a group of accounts.
HDFC had invited interested bidders to submit counter bids above the base bid of ₹305 crore with a 10% mark-up by June 24. However, no further bids were received, leading to the decision to proceed with the sale to ACRE ARC. ,
The accounts included in the portfolio were a mix of special mention accounts and non-performing loans, making the sale a strategic move for HDFC. This is the third pool of loans that HDFC has sold to ACRE ARC. Last year, in June, HDFC sold four corporate accounts to ACRE ARC for ₹270 crore against a total loan of ₹577 crore, resulting in a recovery of 47%. In October, HDFC sold a loan of ₹1,180 crore to ACRE for ₹602 crore, resulting in a recovery of 51% to the mortgage lender. HDFC Bank spokesperson and ACRE spokesperson did not comment on the matter.
Some developers are selling stressed loans ahead of the merger with HDFC Bank. It had been selling loans for the last few quarters after the merger with the bank was announced. HDFC is currently evaluating promoter DP Jain’s One Time Settlement (OTS) proposal in connection with the sale of two Radisson Blu hotels in Ghaziabad. The bank has received an offer of ₹315 crore from the promoter, while Prudent ARC has submitted a binding offer of ₹311 crore.
The mortgage lender reported a gross non-performing asset (GNPA) of 0.75% for individual accounts as on March 31, 2023.
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