L&T Finance to sell bad loans worth Rs 3,000 crore

L&T Finance has initiated a bidding process to sell non-performing loans worth ?3,022 crores to asset reconstruction companies. These loans are spread across 10 accounts, including Nirmal Lifestyle Developers, Nirmal Developers, Nirmal Lifestyle Malls, and Supertech.

The largest loan up for sale is Nirmal Lifestyle Developer's ?790-crore debt, followed by Supertech at ?515 crores and Nirmal Lifestyle Malls at ?251 crores, two sources in the know of the development said.

An L&T Finance spokesperson did not immediately respond to a request for comment.

Under the 15:85 structure, the lender is inviting expressions of interest from select asset reconstruction companies (ARCs), where L&T Finance's maximum share in security receipts (SRs) will be 85%.