Indusind Bank puts MFI loans worth Rs 1573 crore on the block
IndusInd Bank has put loans worth Rs 1573 crore for sale. The lender has invited public bids for unsecured microfinance loans at a reserve price of Rs 85 crore.
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The base bid price suggests a minimal recovery rate of 5.04%. The lender has invited bids on a 100% cash basis.
In a bid document uploaded on the bank website, the lender indicated that there is no collateral backing these loan accounts of more than 10.61 lakh borrowers.
“IndusInd Bank Ltd (IBL) invites bids from all eligible purchasers for sale on “100% Cash Basis” under public auction,” the document read.
Asset reconstruction companies (ARCs) are most likely bidders for the loan pool.
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