Money & Banking

IDBI Bank to sell 20 bad loans worth nearly Rs 10,000 cr

Our Bureau Mumbai | Updated on September 25, 2019 Published on September 25, 2019

File Photo   -  The Hindu

IDBI Bank has identified 20 bad loans worth nearly Rs 10,000 crore, which it plans to sell, as it tries to improve its recovery.

“IDBI Bank intends to sell its identified Non Performing Assets on Cash or Cash: SR basis to asset reconstruction companies, banks, financial institutions and NBFCs,”it said in a notice on its website.

The total value of the bad loans is Rs 9,756 crore.

The largest of these is Mumbai based JBF Petrochemical, where the outstanding is Rs 1,736 crore. This is followed by Sai Wardha Power Generation where the outstanding is Rs 1,295 crore and Lanco Amarkantak Power where the outstanding is Rs 1,077 crore.

In the notice, it has said that interested entities can put in bids by October 15. The sale of assets to ARCs/Banks/NBFCs/FIs will be on ‘as is where is and as is what basis’ and without recourse to IDBI Bank,”it said.

Meanwhile, in a separate notice, IDBI Bank said it plans to sell 28.15,683 lakh shares, representing 0.57 per cent of the paid up equity share capital in National Stock Exchange India Ltd.

Life Insurance Corporation of India now has a majority stake in IDBI Bank. The lender had reported net loss of Rs 3,800 crore for the first quarter of this fiscal.

On Wednesday, IDBI Bank scrip closed at a gain of 7.91 per cent at Rs 36.85 apiece on BSE.

Published on September 25, 2019
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