Suraksha ARC takes over Rs 170 cr loan provided by HDFC to Ansal Housing

Suraksha Asset Reconstruction Ltd (Suraksha ARC) has taken over about Rs 170 crore loan extended by HDFC to realty firm Ansal Housing.

Ansal Housing informed in a regulatory filing about assignment of financial assistance by HDFC Ltd in favour of Suraksha ARC with effect from December 31, 2019.

The loan amount was not disclosed in the filing, but sources said that Suraksha ARC has taken over about Rs 170 crore loan book from HDFC Ltd.

Suraksha group had also bid for acquiring Jaypee Infratech but could not succeed. The group is investing in revival of various housing projects across major cities.

In a letter to the realty firm, Suraksha ARC said that HDFC Ltd has assigned in its favour, all the rights, title and interests in financial assistance granted by it to Ansal Housing Ltd.

Now, Suraksha ARC has become the secured lender and all the rights, title and interests of HDFC, with respect to the financial assistance assigned to the borrower, have vested in Suraksha ARC.

"Suraksha ARC has become entitled to recover from Ansal Housing the total dues of HDFC Ltd as on December 31, 2019 along with interest at contractual rates, further interest and other charges from the said date till elate of realization," Suraksha ARC said in a letter to the realty firm.

Last week, Ansal Housing said it has defaulted on loans worth Rs 315.63 crore.

The company had informed that its total loan amount outstanding from banks and financial institutions stood at Rs 498.57 crore as on December 31.

"Of the total amount outstanding, amount of default as on date (i.e 31-12-2019) is Rs 315.63 crore," it had said.

Total financial indebtedness of the listed entity, including short-term and long-term debt stood at Rs 691.04 crore.