State-run Indian Abroad Financial institution on Thursday stated it’s promoting non-performing property of Rs 11,500 crore to asset reconstruction firms. The Chennai-headquartered lender stated it’s promoting 46 mortgage accounts and invited expressions of curiosity from the ARCs, in line with an official assertion.
The sale will likely be carried out via an e-auction underneath the open public sale technique on a portfolio foundation, it stated, including that the portfolio contains accounts financed underneath a consortium association, with some admitted underneath NCLT.
Potential consumers can bid on a portfolio foundation, particular person accounts, or teams of accounts, it added.
IOB Managing Director and Chief Government Ajay Kumar Srivastava stated on the subject of resolving stress, it desires to concentrate on worth maximisation via restoration measures, together with invoking SARFAESI actions, compromise settlements, and gross sales to ARCs.
Eligible ARCs and different transferees can submit their EoI by January 18 to take part within the e-auction scheduled for January 30 within the case of 46 accounts.
The financial institution can also be contemplating the sale of small enterprise and academic mortgage portfolios to ARCs, he stated, including that it’s aligned with the technique to reinforce restoration outcomes and asset high quality.
The financial institution’s gross NPAs had stood at 2.72 per cent as of September, which was down from a peak of 11.69 per cent in March 2021.
