Kotak Mahindra Group backed Phoenix ARC puts Rs 3,550 cr loans on sale

Kotak Mahindra Group backed Phoenix ARC has put a bunch of secured and unsecured loans on the block, inviting expressions of interest (EoIs) from buyers for more than Rs 3,550 crore worth of non-performing assets (NPAs).

A newspaper advertisement said that the portfolio includes 420 secured accounts amounting to Rs 187 crore and 5.60 lakh unsecured accounts of Rs 3,363 crore.

The ARC has set a deadline of August 26 for interested entities to submit EoIs for the loan sale. Interested parties have till September 16 for due diligence on the accounts, following which binding bids will be invited on September 27. BOB Capital Markets, the investment banking and consultancy arm of Bank of Baroda is advising Phoenix on the sale.


The ARC did not mention its price expectation for the sale. Following the initial bids, the company will conduct a Swiss auction to challenge the highest bidder on October 21. The company expects to find a buyer for the assets by November 25.