Phoenix ARC: Phoenix ARC buys two stressed loans from IIFL

Mumbai: 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,” … Read more