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Muthoot Capital Services announces sale of distressed loan portfolio
Muthoot Capital Services Limited has disclosed the successful sale of a stressed loan portfolio (financial assets) to Asset Reconstruction Company, Phoenix ARC Private Limited. In accordance with the Swiss Challenge Method prescribed under RBI Master Direction, the bidding process concluded on September 29, 2023.
Despite inviting counterbids, no offers were received that surpassed the Base Binding Bid of INR 117.55 Crores, which was made for an identified stressed loan portfolio with a principal outstanding of INR 235.10 Crores. Consequently, Phoenix ARC Private Limited emerged as the winning bidder under the Swiss Challenge Method.
Following this development, Muthoot Capital Services Limited will proceed to complete the transaction and take any necessary actions as required.The disclosure, made in accordance with Regulation 30 of the SEBI Listing Regulations, aims to keep stakeholders informed of this important transaction.
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