SBI TO SELL 8 NPA ASSETS TO GET DUES WORTH RS 3,900 CRORE

News agency PTI is reporting that State Bank of India will sell eight non-performing assets to recover dues worth over Rs 3,900 crore and has invited bids from asset reconstruction companies (ARCs) and financial institutions (FIs). The stock is currently trading lower by 1 percent.

"In terms of the bank's revised policy on sale of financial assets in line with the regulatory guidelines, we place these accounts for sale to ARCs/banks/NBFCs/FIs, on the terms and conditions indicated," the bank said in the bid document on its website.

Of the eight accounts on the block, Kolkata-based Rohit Ferro Tech has the highest loan outstanding against it at Rs 1,320.37 crore, followed by Indian Steel Corporation Ltd at Rs 928.97 crore; Jai Balaji Industries at Rs 859.33 crore and Mahalaxmi TMT Pvt Ltd at Rs 409.78 crore.

The remaining accounts belong to Impex Ferro Tech (Rs 200.67 crore), Kohinoor Steel Pvt Ltd (Rs 110.17 crore), Modern India Concast (Rs 71.16 crore) and Ballarpur Industries (Rs 47.17 crore).

SBI has asked the interested ARCs/FIs to conduct the due diligence of these assets with immediate effect after submitting expression of interest and executing a non-disclosure agreement with the bank. The e-bidding for these accounts will take place on September 26.

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