Phoenix ARC buys a clutch of bad loans for Rs 1,500 crore
Phoenix ARC bought two loan portfolios from Bandhan Bank worth over ₹4,900 crore for ₹740 crore, equating to a recovery of 15%. Bandhan Bank ran a Swiss Challenge based on the anchor offer from Phoenix ARC on March 27 but did not receive any counter bids. Phoenix gave a binding bid of ₹369.20 crore for the written-off portfolio and ₹370.62 crore for the NPA portfolio, based on a security receipts (SR) consideration basis.
