India Overseas Bank is going to sell its 92 NPAs, know when the bidding will take place and how big is the amount.
India Overseas Bank said on Sunday that it will sell 92 of its NPAs. Their total outstanding amount is Rs 13,471.68 crore. This sale will take place through e-auction on May 28. India Overseas Bank has also invited bids from ARC to sell NPA.
India Overseas Bank said on Sunday that it will sell 92 of its NPAs. Their total outstanding amount is Rs 13,471.68 crore. This sale will take place through e-auction on May 28. India Overseas Bank has also invited bids from ARC i.e. Asset Reconstruction Companies to sell NPA.
To participate in this e-auction, all the participants give their Expression of Interest i.e. EoI by 13th May. These NPAs will be sold through an open auction. The total NPA of the bank has come down from the level of 11.69 percent as of March 31, 2021, to the level of 3.90 percent by December 31, 2023.
The bank is planning to sell its NPA in two lots. The NPA amount of the first lot i.e. portfolio is Rs 12352.81 crore, whose reserve price is Rs 2921 crore. Whereas the NPA amount of the second lot is Rs 1118.87 crore, whose reserve price is Rs 783.21 crore. The settlement will be 100 percent in cash.
The bank has also made public the information about the accounts of both the lots on which the loan is outstanding. The IOB list includes Videocon, Lanco, IL&FS Financial Services, Jet Airways, and Reliance Communications. The IOB list said Videocon Industries, Videocon Oil Ventures, and Videocon Telecommunication had a total outstanding of Rs 1,486 crore as of March 31, 2024.
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