SBI, Ori­en­tal Bank put stressed a/cs on sale

The Times of India (New Delhi edition) - - TIMES GLOBAL -

New Delhi: State-owned SBI and Ori­en­tal Bank of Com­merce (OBC) have put on sale var­i­ous fi­nan­cial ac­counts to re­cover dues of around Rs 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 Rs 4,975 crore.

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

OBC wants to sell 13 ac­counts with a col­lec­tive out­stand­ing of Rs 764 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 Rs 50 crore.

Also, SBI will sell three ac­counts — Den­nis Steels with an out­stand­ing Rs 259 crore, Shiva Spe­cial­ity Yarns (Rs 38 crore) and Ban­sid­har Spin­ning & Weav­ing Mills (Rs 12 crore).

Among the major loan ac­counts in­vited for sale by OBC are Mit­tal Corp (Rs 207 crore), Jayaswal Neco In­dus­tries (Rs 157 crore), NCS Su­gars (Rs 107 crore), Ma­ha­laxmi TMT (Rs 78 crore), Ko­hi­noor Steel (Rs 45 crore), Sova Is­pat Al­loys (Rs 38 crore), At­lantic Projects (Rs 33 crore) and Sova Is­pat Al­loys (Mega Projects) (Rs 31 crore).

E-bid­ding for SBI ac­counts will take place on Fe­bru­ary 27. For OBC, the e-bid­ding is sched­uled for Fe­bru­ary 25.

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