8/4/2024, 9:50:06 am

Phoenix ARC buys two stressed loans from IIFL

Kotak Mahindra Bank-sponsored asset reconstruction company Phoenix ARC has bought ₹1,800 crore of two real estate developer loans from IIFL in a structured deal, offering around 83% recovery to the Fairfax-backed non-bank lender, people aware of the development said."Phoenix ARC has bought the debt from IIFL for ₹1,500 crore in an open auction,".