Indostar Capital Finance Ltd (Indostar) has sold a stressed loan portfolio with principal outstanding at Rs 292 crore to Encore Asset Reconstruction Company as a step to clean up books.
Indostar, which is backed by private equity investor Brookfield, said the sale of the SME loan portfolio comprised several stressed accounts resolved on December 30, 2023 through sale under the Swiss Challenge method. The method involves an interested party presenting a bid to the auctioneer who then calls for counter bids.
https://www.business-standard.com/companies/news/brookfield-backed-indostar-capital-sells-stressed-sme-loans-worth-rs-292-cr-124010100422_1.html