Loading...
By
HDFC takes 8.4% stake in Ansal Housing by invoking pledged shares
Photo Credit: VCCircle

India’s largest private mortgage financier Housing Development Finance Corporation (HDFC) has acquired an 8.42% stake in Ansal Housing Ltd by invoking pledged shares for recovery of loans. 

As on March end 2021, HDFC held 2.02% of Ansal Housing. 

The development comes after HDFC issued a demand notice under Sarfaesi Act for enforcement of secured assets against the entire outstanding dues of Rs 150.19 crore, including interest, till 30 April 2019, as per its annual report for FY20. 

Balance outstanding as per the books as on 31 March 2019 was Rs 147.7 crore, including interest of Rs 57 lakh. 

The loan with HDFC, which has been assigned to Suraksha Asset Reconstruction Limited (ARC), was restructured in March last year. 

“…accordingly the company (Ansal Housing) has written back financial liabilities amounting to Rs 16.75 crore,” Ansal Housing said in the annual report. 

Ansal Housing 

The real estate developer has been defaulting on loans since 2019. It had earlier sought time until July 31 to file its financial results for FY21, citing the pandemic. 

Last week, it disclosed a default on its term loan worth Rs 191.66 crore owed to Indiabulls Commercial Credit Ltd and another Rs 100 crore default, for the second time after March, on dues towards IFCI Ltd 

Its total loans owed to banks and financial institutions stood at Rs 516.34 crore, while total indebtedness was Rs 643.44 crore. 

For the full year ended 31 March 2020, Ansal Housing had reported a turnover Rs 116.94 crore as against Rs 148.46 crore in FY19 and Rs 202.73 crore in FY18.  

Its net worth was Rs 214.12 crore as on last year March end. 

In the business of construction and development of residential townships and commercial complexes, the company has completed many development projects involving an area of about 76 million square feet in Delhi, Mumbai, Meerut, Lucknow and Ghaziabad, according to its website.

Leave Your Comment(s)