Bids for Rs 880 crore distressed loans invited by L&T Finance
The finance arm of L&T, L&T Finance has invited buyers for a distressed real estate portfolio comprising loans given to Pune-based Xrbia Group. Firm has invited offers for a loan book of Rs 880 crore given to five Xrbia Group companies.
5 accounts comprise Xrbia Developers with a debt of Rs 435 crore, Xrbia Chakan Developers with Rs 164 crore, Xrbia Warai Developers with Rs 156 crore, Xrbia Ambience Realty LLP with Rs 107 crore, and Eiffel Lifespaces with Rs18 crore debt.
L&T Finance has invited offers under the 15:85 structure, which involves 15% of the consideration as cash and the remaining 85% as security receipts (SR) payable on recovery of the loans from the borrower.
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