SBI, PNB put 15 NPAs worth ~10.6 billion for sale
Public sector lenders State Bank of India (SBI) and Punjab National Bank (PNB) have put their 15 non-performing assets (NPAs) worth ~10.63 billion for sale. Both the banks said they would conduct the e-auction on April 20.
SBI has put up a total of 12 accounts with total outstanding of ~8.48 billion for sale.
“We place these accounts for sale to asset reconstruction companies /banks/non-banking financial companies/ intuitions,” said SBI. Of these accounts, Garden Silk Mills has the highest outstanding of ~2.25 billion, followed by Korba West Power Company of ~1.25 billion, Modern Steels of ~1.23 billion and SNS Starch of ~0.67 billion. Rest of the non-performing asset accounts include Leitwind Shriram Manufacturing (~649 million), Unijules Life Sciences (~592 million), Scania Steels & Power (~424 million), KSM Spinning Mills (~404 million), Modern Dairies (~399 million), Asmita Papers (~372 million), Forel Labs (~228 million) and Jaipur Metal & Electricals (~21 million).
The second largest public sector lender, PNB, will offer three NPA accounts with total outstanding of ~2.14 billion for sale to ARCs/NBFCs/banks or other financial institutions.
The three accounts are Shree Sidhbali Ispat with nonperforming loans of (~1.65 million), Sri Guruprabha Power of ~315 million and Dharamnath Investment of ~176 million. All the 21 public sector banks had gross bad loans of over ~7.33 trillion as on December 31, 2017. Of this, the SBI had the highest share of ~2.01 trillion, followed by PNB (~552 billion), IDBI Bank (~445 billion) and Union Bank of India (~380 billion), among others.