Outstanding loans aggregate Rs 869 crore
Housing Development Finance Corporation has assigned outstanding loans in construction projects of Unitech Group to JM Financial Asset Management Company. Against total dues of Rs 869 crore in respect of these projects, the ARC has paid HDFC Rs 155 crore upfront and has issued Security Receipts to HDFC amounting to Rs 705 crore which will be redeemable over the period of construction.After considering the provisions already made by HDFC to the tune of Rs 240 crore (34% of the Security Receipts) in respect of the above accounts, the net carrying value of the SRs will be Rs 465 crore.
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