MUMBAI: The Piramal Group has received a binding bid for the sale of Tridhaatu Realty from CFM ARC, ensuring a minimum recovery of 75% in the structured deal.
CFM ARC offered to pay ₹450 crore for the ₹600-crore bad loan, in a 15:85 structure, with 15% in cash and the remaining in security receipts. SRs are quasi debt instruments and are paid to the lender by ARCs as they are recovered.
Piramal plans to conduct a Swiss Challenge on the initial offer and will make an announcement soon. Previously, HDFC had sold a real estate developer portfolio, including Tridhaatu Realty, to Assets Care and Reconstruction Enterprise (ACRE) ARC.
Last month, Piramal sold bad loans worth ₹531 crore to Advantage Raheja group. This portfolio, which included properties such as the JW Marriott facility in Bengaluru, were acquired by Omkara Assets Reconstruction.
Spokespersons of Piramal and CFM ARC did not respond to requests for comment.
Piramal Enterprises and its subsidiary, Piramal Capital & Housing Finance, have been seeking bids for their real estate portfolio to sell off bad loans over the past few quarters.
