Indian Overseas Bank has announced an e-auction of 92 non-performing loans worth Rs 13,471.68 crore on May 28
Indian Overseas Bank, (IOB) on Sunday announced its plan to sell 92 non-performing loans totaling Rs 13,471.68 crore via an e-auction on May 28. The bank has called for expressions of interest (EOI) from asset reconstruction companies (ARCs) and other qualified transferees to join the auction by May 13.
"Indian Overseas Bank has published sale notification pertains to the sale of 92 NPA loans, collectively amounting to an aggregate Book Outstanding of Rs 13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method," IOB said in a statement.
At 9:30 am, the shares of the public sector lender were trading at Rs 65 price level, down by 1.36 per cent on the National Stock Exchange.
The first portfolio encompasses, 46 accounts financed under consortium arrangements, and 3 accounts under Multiple Banking arrangements, with the remaining 2 accounts being sole banking ventures.
Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio consists of 41 sole banking accounts, it added.
Interested Asset Reconstruction Companies (ARCs) and other eligible transferees are cordially invited to submit Expressions of Interest (EOI) by May 13, 2024, to participate in the forthcoming e-auction scheduled for May 28.
The bank's Gross NPA (GNPA) levels plummeted from 11.69 per cent as of March 31, 2021, to 3.90 per cent by December 31, 2023.
On an annual basis, the shares of the banking firm have delivered a return of more than 160 per cent on the NSE.
(With Inputs From PTI)