homeinfrastructure News

Piramal Group sells Rs 2,000 crore exposure in Lodha to Goldman Sachs, says report

Piramal Group sells Rs 2,000 crore exposure in Lodha to Goldman Sachs, says report

Piramal Group sells Rs 2,000 crore exposure in Lodha to Goldman Sachs, says report
Profile image

By CNBC-TV18 May 29, 2019 11:44:18 AM IST (Updated)

Primal Enterprise along with Canada-based real estate company Ivanhoé Cambridge, in February, invested about Rs 500 crore in a residential project, Palava City, which is being developed by Lodha, in Mumbai, the report added. 

In a bid to bring down its single borrower exposure to Mumbai-based real estate major Lodha Developers, Piramal Capital and Housing Finance sold Rs 2,000 crore loan exposure to a unit of Goldman Sachs, Mint reported, citing two people aware of the matter.

Recommended Articles

View All

As per an email statement received by Mint, a Piramal Capital spokesperson said, "In line with that focus, Rs 1,000 crore (of loan exposure) will be reduced in this quarter. We have also received prepayments and repayments of Rs 200 crore. Piramal Enterprises (Piramal Capital’s holding company) remains committed to deliver improved performance, strengthen our industry leadership and consistently create long term value for our stakeholders."
Primal Enterprise along with Canada-based real estate company Ivanhoé Cambridge, in February, invested about Rs 500 crore in a residential project, Palava City, which is being developed by Lodha, in Mumbai, the report added.
Rating agencies such as Fitch, on May 7, downgraded Lodha from stable to negative after it was known that the real estate company has a weak liquidity position and the company's cash flow will not be sufficient enough to repay Rs 690 crore debt due in March 2020, the report added.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng