The resolution was achieved under the open bidding process initiated by the Consortium Lenders lead by State Bank of India, wherein, One Time Settlement (OTS) Offer submitted by Singapore based entity Agritrade Resources emerged as the H1 Bidder.
Lenders earlier entered into definitive agreement with the Investor on 12 November 2018 and subsequently, post compliance of the condition precedents and on receipt of the OTS amounting to Rs. 137.09 crore, transaction closed on 18 March 2019. It is also to mention that PFS had made provisioning of Rs. Rs. 204.44 crore prior to closure of the transaction.
Due to the closure of the mentioned transaction, PFS stressed loan portfolio has come down by Rs. 341.53 crore during Q4 of FY 2019.
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