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Report: Axis Bank sells 20B rupees of Essar Steel loans to asset reconstruction firm

Axis BankLtd. sold 20 billion Indian rupees worth of Essar Steel Ltd.'sloans to Edelweiss Asset Reconstruction Co. Ltd. in September, Mint reported Oct. 4, citing "twopeople aware of the development."

Edelweiss Asset Reconstruction bought the loans at a 50%discount to book value and paid only 15% of net asset value in cash. For theremaining consideration amount, the firm issued security receipts.

Axis Bank is the fourth bank after HDFC Bank Ltd., ICICI Bank Ltd. and Federal Bank Ltd. to sell Essar Steel's loans toEdelweiss Asset Reconstruction.

The spokesperson from Axis Bank could not be reached forcomment, while Essar Steel's spokesperson declined to comment on the matter.

As of Oct. 3, US$1 wasequivalent to 66.52 Indian rupees.