The housing finance major HDFC has sold the realty firm Unitech’s outstanding loan of Rs 869 crore to JM Financial Asset Reconstruction Company (JMFARC).

HDFC has said in a BSE filing that Unitech has not been able to service its loan regularly on account of sluggish sale of its apartments.

The filing further said that “Against the 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 (SRs) to HDFC amounting to Rs 705 crore which will be redeemable over the period of construction.”

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