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Piramal refutes rumours of loan default by Lodha, Vatika, others

Amid rumours about payment defaults on the real estate loan ..

Amid rumours about payment defaults on the real estate loan portfolio of Piramal Capital & Housing Finance (PCHFL) by some of the top developers such as Lodha, Omkar, Vatika, Embassy, Radius, Nahar, Aristo and Supertech, Piramal Enterprises on Sunday denied any such problem.

The company said it has no debt exposure to developers like Aristo, Nahar, Supertech, Radius and Amrapali. “Developers like Lodha, Omkar, Vatika and Embassy are part of our lending portfolio, but they have never defaulted on any interest or repayment obligation to PEL/PCHFL,” it said.

Shares of Piramal Enterprises tanked some 10 per cent in Mumbai trading on Friday to close at Rs 1,894.

PCHFL is a wholly-owned subsidiary of Piramal Enterprises and it 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.

“Piramal Enterprises would categorically like to state that we have an extremely robust loan processing and recovery process including risk management and asset monitoring system,” the statement said.

The company said it has scheduled an analyst call post its quarterly earnings on October 25, where it would share granular details on the health of its lending portfolio and liquidity status.

On reports of the National Housing Board (NHB) probing its accounts, the company called it a routine exercise. “Piramal Enterprises would also like to state that carries out an annual inspection of all housing finance companies. PCHF received the housing finance licence in end August, 2017 and accordingly, NHB has now initiated its annual inspection of PCHFL. This is purely routine and procedural in nature,” the statement said.

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