INSUBCONTINENT EXCLUSIVE:
regarding loan defaults by real estate developers to its lending arms Piramal Capital Housing Finance.
The scrip gained as much as 4 per
cent to Rs 1977.65 on BSE
recovery process including risk management and asset monitoring system."
Developers like Lodha, Omkar, Vatika and Embassy referred to in the
rumours are part of the lending portfolio but have never defaulted on any interest or repayment obligation to PEL/PCHFL, it said.
PCHFL, the
wholly owned subsidiary of Piramal Enterprises, provides various financing solutions in the real estate sector such as early stage private
equity, structured debt, senior secured debt, construction finance, flexi lease rental discounting and housing finance
"Among others the rumours relate to loan defaults to PEL/Piramal Capital Housing Finance Limited (PCHFL) by real estate developers such as
Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo, Supertech etc," it said in a statement.
Additionally, contrary to rumours, PCHFL has
not extended any loan to developers like Aristo, Nahar, Supertech, Radius and Amrapali
Therefore, there is no question of any default on loan repayments by these developers, the company added in a release.
