is also in talks with banks and other funds to sell close to Rs 6,000 crore of its wholesale loan portfolio, on which it will get a fee and margin from the buyer. This provides the firm a cushion for paying off about Rs 6,500 crore — due as principal amount of the non-convertible debentures — in July, August, and September. The outgo, said the people cited above, stands at slightly over Rs 2,000 crore a month.
People close to the negotiations said: “The promoters say they will do whatever they can to ensure fresh infusion of equity capital, and if that means giving away controlling stake, so be it. Only PE funds have the cash and can raise ECBs (external commercial borrowings), without depending on banks to get more funds.”
has sold as much as Rs 41,000 crore of its Rs 78,000-crore retail loan portfolio to banks and others, bringing the same down to Rs 37,000 crore. The proceeds have been utilised in making repayments. Similarly, its total wholesale loan portfolio of Rs 30,000 crore will also reduce by over Rs 9,000-10,000 crore after the proposed sale. It had already sold its wholesale loan portfolio of around Rs 4,000 crore earlier.
and its promoters have been selling assets to raise cash for a while. The promoters, as well as the firm (which held the entire stake in Avanse Financial), received a nod to sell the stake to Warburg Pincus for Rs 1,200 crore. It has also sold its stake in Aadhar Housing Finance Corporation to Blackstone for Rs 800 crore. The firm on Tuesday paid 40 per cent of its Rs 375 crore to pay on its commercial papers. However, people in the know said it is expected to complete the entire repayment over the next few days.