L&T Finance is seeking buyers for a distressed real estate portfolio comprising loan given to Pune based Xrbia Group. The company has invited offers for a loan book of Rs 880 Cr given to the five Xrbia Group Companies.
While inviting expression of interest (EOI) from asset reconstruction companies, L&T has not set a reserve price of the portfolio. It received half a dozen EoI’s from ARC’s. The five accounts comprise Xrbia Developers with a debt of Rs 435 Crs, Xrbia Chakan Developers with Rs 164 Crs, Xrbia Warai Developers with Rs 156 Crs, Xrbia Ambience Realty LLP with Rs 107 Crs and Effiel Lifespaces with Rs 18 Crs debt.
L&T Finance has invited offers under the 15:85 structure, which involves 15% of the consideration as cash and the remaining 85% as security receipts (SR) payable on recovery of the loans from the borrower.
Xrbia Group started real-estate operations in 1995 and has so far executed projects worth over 14 mn sq ft (MSF) of saleable area. Over 20 mn sq ft is under various stages of development spread across affordable housing, plotting schemes and mid-luxury residences.
