Indostar Capital Finance is buzzing loud and clear today morning; opening over 5% higher at Rs.184.65, which is also its current intraday high, the stock remains firmly in the green trading over 2% higher. Its 52-week high is at Rs.197.50.
The stock price rose after the company took a concrete step ahead in its realisation strategy by selling a significant portion of its legacy corporate loan book to Phoenix ARC.
The sale consists of certain accounts that were tagged in Stage 2, aggregating to dues outstanding of Rs 915 crore.
The accounts have been resolved on August 25 at carrying value through an ARC sale under the Swiss Challenge method in terms of Master Directions - Reserve Bank of India (Transfer of Loan Exposures) Directions 2021, as amended.