Indian Overseas Bank to sell Rs 11,500 cr NPAs to boost asset quality
Indian Overseas Bank has decided to put non-performing assets to the tune of Rs 11500 crore on sale in a bid to improve asset quality further before the end of the fiscal.
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The state-owned lender has identified 46 NPA accounts for the exercise and has invited expressions of interest from asset reconstruction companies. The portfolio comprises accounts financed under a consortium arrangement, with some of these are already submitted to the National Company Law Tribunal (NCLT) under the bankruptcy law.
The sale of loans will be conducted through an e-auction under the open auction method on a portfolio basis. The e-auction will be conducted on January 30. ARCs will have to submit applications by January 18.
«Prospective buyers can bid on a portfolio basis, individual accounts, or groups of accounts,» the bank said.
In parallel, the bank may also sell some MSME and educational loan portfolios in line with the strategy to enhance recovery.
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