Sure Financial institution to type ARC with JC Flowers to promote ₹48,000 cr. of unhealthy loans

Sure Financial institution has chosen JC Flowers ARC as companion to type an asset reconstruction firm to promote unhealthy loans of the financial institution valuing ₹48,000 crore.

The lender mentioned it had signed a binding time period sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt. Ltd. (JF Flowers ARC) for strategic partnership in relation to sale of recognized pressured loans of the financial institution.

Having subsequently fulfilled the requisite pre-conditions, the time period sheet had change into efficient from July 15, 2022, Sure Financial institution mentioned in a regulatory submitting on Friday.

“Accordingly, the financial institution has determined that JC Flowers ARC will likely be base bidder for a proposed sale of an recognized pressured mortgage portfolio of the financial institution aggregating to as much as ₹48,000 crore,” it mentioned.

As per Reserve Financial institution of India pointers, Sure Financial institution mentioned it proposed to run a clear bidding course of on Swiss Problem foundation on the market of such portfolio utilizing JC Flowers ARC’s bid as the bottom bid.

By- The Hindu

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