Goldman sells Rs 1,100-cr loans to Edelweiss Alternate Fund

May 27, 2023 | blog

Mumbai: Goldman Sachs India offered a mortgage portfolio of ₹1,100 crore to Edelweiss Alternate Fund for money equating to nearly 60% of the mortgage quantity, mentioned individuals conscious of the event.

The portfolio that the overseas lender offered had been loans of the Vatika Group and Ballarpur Industries, they mentioned.

Edelweiss Alternative Fund acquired the loans for ₹650 crore, one of many individuals mentioned.Edelweiss Alternative Fund and Goldman Sachs didn’t reply until press time Friday to ET’s request for remark.

Vatika has missed cost to lenders since fiscal 2021, partly as a result of a liquidity crunch confronted by actual property builders throughout the nation-wide lockdown due to Covid-19.

Last October, HDFC Ltd offered its ₹730 crore mortgage to Ares SSG Capital-backed Asset Care and Reconstruction Enterprises, as reported by ET.

Goldman Sachs had offered ₹610 crore to the Vakita Group in a mixture of debt and fairness. Of this, ₹345 crore was offered to prepay Piramal Enterprises loans, and the steadiness was to finish a challenge positioned on National Highway 8, ET reported in February 2020.

According to a credit standing report by Infomerics final 12 months, Vatika had invested in numerous subsidiaries and group firms that had been primarily land-holding corporations. “Apart from investments in subsidiaries of about ₹385.33 crore as on March 31, 2021, Vatika has provided loans and advances to these companies aggregating more than ₹3,674.53 crore,” mentioned the ranking report dated March 23, 2022.

The firm had a surplus land financial institution of 95 acres having a market worth of ₹812 crore as of January 31, 2022, it mentioned.

In its newest ranking report dated December 23, 2022, Infomerics downgraded Vatika to ‘B+’ and tagged it as issuer not-co-operating as a result of non-submission of a no-default certificates by the corporate to the rankings agency.

It acknowledged that Vatika had 11 ongoing residential and business initiatives with 692.23 acres. Of these, ten initiatives had been in Gurgaon and one was in Jaipur.

Avantha Group-promoted Ballarpur Industries was acquired by Finquest Financial Solutions a 12 months in the past for about ₹700 crore underneath the company insolvency course of.

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