Bassinvictus expresses interest in picking majority stake in debt-ridden Star HFL for Rs 200 cr

Bassinvictus Pvt Ltd intends to acquire a majority stake through this infusion and additionally buy out the stake of promoters and of ARKFIN Investment and Advisors Ltd, the single largest investor, through secondary purchase, subject to all approvals in place, Star HFL said in a regulatory filing.

Mumbai-based Bassinvictus Pvt Ltd has expressed interest in picking up a majority stake in debt-ridden Star Housing Finance Ltd for Rs 200 crore. The company has informed the lenders of Star Housing Finance Limited (Star HFL) about its intention to infuse capital. Bassinvictus Pvt Ltd intends to acquire a majority stake through this infusion and additionally buy out the stake of promoters and of ARKFIN Investment and Advisors Ltd, the single largest investor, through secondary purchase, subject to all approvals in place, Star HFL said in a regulatory filing. The transaction will be subject to necessary statutory and regulatory approvals in one or more tranches. Star Housing Finance on April 7 had disclosed payment defaults on term loan instalments to two financial institutions -- Hinduja Housing Finance and LIC Housing Finance. The filing further said that Bassinvictus would bring in a new leadership team to rebuild a strong foundation for future growth and would strengthen the board through the onboarding of reputed professionals in Banking, Financial Services and Insurance (BFSI) and allied space. The letter of intent would be converted into a firm commitment document post agreement of lenders to restructure the term loan facilities by extending the balance tenor and moratorium grant on interest and principal repayments for the next six months, it said. Post agreement, Bassinvictus would immediately infuse funds amounting to Rs 25 crore in Star HFL in the form of Inter-Corporate Deposit (ICD) to be used primarily towards clearing of pending dues of lenders and payment of statutory dues, if any, it said. Bassinvictus reiterated its intent and post concurrence of lenders, firm commitment towards Star HFL and walk the talk for providing sustainable long term returns to all stakeholders, it added.