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IDFC Bank sells 25B rupees of bad loans

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IDFC Bank sells 25B rupees of bad loans

IDFC Bank Ltd. sold 25 billion Indian rupees of stressed loans to Edelweiss Asset Reconstruction Co. Ltd. as it looks to clean its books before its proposed acquisition of Capital First Ltd. takes effects, The Economic Times of India reported Sept. 6, citing "two senior officials."

The bank sold 12 power sector loan portfolios, including loans extended to Monnet Power, Jaiprakash Power Ventures and GVK Industries (Goinwal Saheb). The sale was completed earlier in September.

IDFC Bank confirmed the transaction in an email response to The Economic Times of India, while the senior officials at Edelweiss ARC declined to comment.

Edelweiss Asset Reconstruction is a unit of Edelweiss Financial Services Ltd.

As of Sept. 6, US$1 was equivalent to 72.02 Indian rupees.