PNB puts up for sale 11 NPA accounts to recover dues of ₹1,234 crore

A view of the Punjab National Bank branch in Chennai.  

State-owned Punjab National Bank (PNB) has put up for sale nearly a dozen non-performing assets (NPAs) to recover dues of more than ₹1,234 crore.

The lender has invited bids from asset reconstruction companies (ARCs), non-banking finance companies (NBFCs), banks, financial institutions for 11 NPA accounts.

The accounts include Visa Steel, which has irrecoverable dues of ₹441.83 crore, IndBarath Energy (Utkal) ₹414.23 crore, Aster Private Limited ₹113.57 crore and Om Shiv Estates ₹100.16 crore.

The sale is on 100% cash basis, PNB said in an advertisement.

The bank has asked the prospective bidders to expedite the process of due diligence, saying it will make all possible efforts to bring copies of documents at one place for verification. The prospective buyers shall be intimated separately, depending upon their response. The prospective bidders can evince their interest by September 12.

The last date to submit bids is September 20, 2019. The bids will be opened on September 21.

The lender is set to merge two peer banks – Oriental Bank of Commerce and United Bank of India – with itself following the government’s announcement late last month to consolidate 10 public sector banks into four bigger entities.

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Printable version | May 7, 2021 1:08:35 PM |

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