SBI, OBC put stressed ac­counts on sale

Hindustan Times ST (Jaipur) - - World - Press Trust of In­dia feed­[email protected]

NEW DELHI: State-owned State Bank of In­dia (SBI) and Ori­en­tal Bank of Com­merce (OBC) have put on sale var­i­ous fi­nan­cial ac­counts to re­cover dues of around ₹5,740 crore.

The coun­try’s largest lender, SBI, has in­vited bids from as­set re­con­struc­tion com­pa­nies (ARCS) and fi­nan­cial in­sti­tu­tions (FIS) to re­cover an out­stand­ing amount of ₹4,975 crore.

The bulk of ac­counts up for sale by SBI are of small and medium en­ter­prises (SMES) that have dues amount­ing to ₹4,667 crore.

OBC wants to sell 13 ac­counts with a col­lec­tive out­stand­ing amount of ₹764.44 crore, ac­cord­ing to the bid doc­u­ment placed on its web­site.

As many as 281 SME ac­counts are up for sale by SBI, be­long­ing to those firms that have dues of up to ₹50 crore. The col­lec­tive dues on these SMES are ₹4,666.50 crore.

“In terms of the bank’s pol­icy on sale of fi­nan­cial as­sets, in line with the reg­u­la­tory guide­lines, we place these ac­counts for sale to BANKS/ARCS/NBFCS/FIS,” SBI said in an auc­tion no­tice.

Also, SBI will sell t hree ac­counts—den­nis Steels Pvt. Ltd with out­stand­ing of ₹258.73 crore, Shiva Spe­cial­ity Yarns (₹37.90 crore) and Ban­sid­har Spin­ning and Weav­ing Mills Ltd (₹11.73 crore).

Invit­ing ex­pres­sion of in­ter­est from ARCS and FIS, OBC said it pro­poses to sell its stressed fi­nanc i al as­set s c om­pris­ing 1 3 ac­counts with prin­ci­pal bal­ance of ₹764.44 crore.

Among t h e maj o r loan ac­counts in­vited for sale by OBC in­clude Mit­tal Corp. Ltd (₹207.17 crore), Jayaswal Neco In­dus­tries Ltd (₹157.03 crore), NCS Sug­ars Ltd (₹106.60 crore), Ma­ha­laxmi TMT Pvt. Ltd (₹77.61 crore), Ko­hi­noor Steel (₹45.06 crore), Sova Is­pat Al­loys (₹37.99 crore), At­lantic Projects (₹33.36 crore) and Sova Is­pat Al­loys (Mega Projects) Ltd (₹31.28 crore).

E-bid­ding for State Bank of In­dia ac­counts will take place on Fe­bru­ary 27. For Ori­en­tal Bank of Com­merce, the e-bid­ding is sched­uled for Fe­bru­ary 25.

MINT

OBC wants to sell 13 ac­counts with a col­lec­tive out­stand­ing amount of ₹764.44 crore.

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