SBI to sell distressed loan accounts, including those backed by Anil Ambani, worth ₹96,000 crore: Report
₹96,000 crore to asset reconstruction companies (ARCs). The loans involve various borrowers, including well-known groups such as Videocon, Jaypee and companies promoted by Anil Ambani, The Economic Times reported. The bank has circulated a list of 331 accounts, totaling ₹96,278 crore in loans, to ARCs, seeking preliminary interest in acquiring these stressed assets.
The move comes as part of SBI's efforts to address its non-performing assets and strengthen its financial position, the publication added. LiveMint could not independently verify the report. In addition to tackling bad loans, India's largest lender is also planning to raise capital for funding infrastructure projects.
The bank aims to raise up to ₹10,000 crore through the issuance of 15-year infrastructure bonds, ET reported citing sources. "They (SBI) are likely to come out with a fresh infrastructure bond issue with a maturity of 15 years for up to ₹10,000 crore," ET quoted the source as saying. These bonds are expected to be issued by the end of August or early September, depending on market conditions following key events like the Monetary Policy Committee (MPC) meet and inflation numbers.
The infrastructure bonds are likely to carry a rating of AAA from credit rating agencies India Ratings and ICRA, a source familiar with the development told ET. This high rating reflects the bank's commitment to ensuring a stable and secure investment for potential investors. "The bonds would have a rating of AAA from India Ratings and ICRA.
The 15-year maturity is still relatively new, no other bank is doing it and the investor response showed that there is robust demand. They (SBI) are actively looking to develop that curve," the source told ET. Read more on the
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