ICICI sells entire Rs 430cr KFA loan to Srei Infra's debt fund

July 02, 2012 14:27

A debt fund operated by the Kolkata-based Srei Infrastructure Finance today said it has bought out the entire exposure of ICICI Bank, worth around Rs430 crore, in the crippled Kingfisher Airlines. Srei Infra Finance group chief financial officer Sanjeev K Sancheti confirmed the deal and described the asset as "a good buy as it is a fully secured debt."

When contacted, an ICICI Bank spokesperson said, "We have recovered the entire debt exposure of Rs 430 crore and currently we do not have any debt exposure to the Kingfisher Airlines." However, the country's second largest lender still holds around 3 percent stake in the airline.

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