iconiifl-logo-icon 1
IIFL

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

L&T Finance looking for buyers for Rs 880 crore distressed loan portfolio

21 Mar 2024 , 05:46 PM

According to news reports, L&T Finance is looking for buyers for a distressed real estate portfolio that includes loans given to the Pune-based Xrbia Group.

Five companies in the Xrbia Group were given a loan book of Rs 880 crore, according to the reports.

L&T has not established a reserve price for the portfolio while asking asset reconstruction companies to submit expressions of interest (EoI). One of the reports said that the company received six EoIs from ARCs.

The five accounts are Xrbia Developers, which has a debt of Rs435 crore; Xrbia Chakan Developers; Xrbia Warai Developers; Xrbia Ambience Realty LLP; and Eiffel Lifespaces, which has a debt of Rs164 crore; Rs156 crore; and Rs107 crore.

The 15:85 structure, which includes 15% of the consideration in cash and the rest 85% as security receipts (SR) payable on recovery of the loans from the borrower, is the one that L&T Finance has invited offers under.

According to a report by Icra Ratings dated September 21, 2022, the Xrbia group began its real estate business in 1995 and has since completed projects with more than 14 million square feet (MSF) of saleable area. Icra added that there are around 20 Projects in various stages of development, including mid-luxury homes, planning schemes, and cheap housing.

When Icra last provided a rating for Xrbia Developers in May 2019, it changed the outlook for the company's debt of 350 crore rupees from positive to stable and gave a BBB+ rating. The company changed the account to 'Issuer not cooperating' in the same report.

Investors are not informed about L&T Finance's gross or net non-performing assets in its quarterly statements. According to the company's presentation to analysts, its gross stage three (GS3) loans were 3,723 crores, or 4.21% of all loans, as of December 31, 2022. According to the same presentation, the GS3 was $5,623 crore during the quarter ending in December 2021.

Loans that are more than 90 days past due and other stressed assets are included in GS3.

For feedback and suggestions, write to us at editorial@iifl.com

L&T finance

Related Tags

  • Debts
  • L&T Finance
  • Xrbia
sidebar mobile

BLOGS AND PERSONAL FINANCE

Images
29 Mar 2024   |   10:14 AM
Images
28 Mar 2024   |   03:36 PM
Images
28 Mar 2024   |   03:01 PM
Images
28 Mar 2024   |   01:21 PM
Read More
Knowledge Centerplus
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Knowledge Centerplus

Follow us on

facebooktwitterrssyoutubeinstagramlinkedin

2024, IIFL Securities Ltd. All Rights Reserved

ATTENTION INVESTORS
  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

RISK DISCLOSURE ON DERIVATIVES
  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

plus
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.