Punjab National Bank is selling 12.34 billion Indian rupees worth of nonperforming assets, Business Standard reported Sept. 8, citing an advertisement by the bank.
The bank is selling 11 accounts of NPAs, including Visa Steel with irrecoverable dues worth 4.42 billion rupees, IndBarath Energy (Utkal) with 4.14 billion rupees, Aster Pvt. Ltd. with 1.14 billion rupees and Om Shiv Estates with 1 billion rupees.
The lender has invited bids from asset reconstruction companies, nonbanking financial institutions, banks and financial institutions for the sale.
Prospective bidders can show their interest by Sept. 12. The last date for bid submissions is Sept. 20, while the bid will open on Sept. 21.
As of Sept. 6, US$1 was equivalent to 71.52 Indian rupees.
