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Report: BofA, investor group pay 33B rupees for Jayaswal Neco's distressed debt

Bank of America Corp. led a group of investors to buy the distressed loans of Jayaswal Neco Industries Ltd. for 33 billion rupees, which represents the banking giant's biggest distressed asset purchase in India, DealStreetAsia reported March 20, citing people familiar with the matter.

The distressed loans have a face value of 47 billion rupees, according to DealStreetAsia. State Bank of India led the group of lenders who sold the distressed loans and reportedly took a 30% cut on the deal.

BofA, Assets Care & Reconstruction Enterprise Ltd. and State Bank of India representatives did not immediately respond to DealStreetAsia's requests for comment. Assets Care & Reconstruction Enterprise was part of the group that purchased the distressed debt, according to the report.

As of March 20, $1 was equivalent to 68.79 Indian rupees.