 "Bank of India")
State-owned Bank of India is eyeing to sell Rs 245.68 crore worth of non-performing loans of Uttar Pradesh-based Simbhaoli Sugars Ltd. and has invited counterbids from entities interested in acquiring the bad loans through a Swiss challenge auction.
The Mumbai-based lender has received an anchor bid of Rs 133.64 crore, triggering the Swiss challenge auction. The anchor bid for the asset put up for sale would translate into a recovery of around 54.5 per cent for the lender.
The Rs 245.68 crore put up for sale includes Rs 19.48 crore in 588 individual Kisan Credit Card accounts, where Simbhaoli Sugars has extended corporate guarantees. However, the outstanding balance does not include uncharged interest, charges, expenses, etc., from the date of the non-performing asset (NPA), which are over and above the book outstanding, according to the loan auction document.
Counterbids, if any, must be in full cash and at least 5 per cent higher than the anchor bid.
Separately, Bank of India is also eyeing to sell Rs 65.64 crore of bad loans in Visa Steel Ltd. through a Swiss challenge auction, triggered by an anchor bid of Rs 23.63 crore, which, in the absence of any counterbid, will translate into a recovery of 36 per cent for the lender.
Also Read
 "Stock Market, Market, Crash, Funds, up, Stock, Gain, Lost, decline, statistic, Crisis, Capital, BSE, NSE")
 "Bank of India")
 "Adani Group (Photo: Bloomberg)")
 "Adani")
 "market, stocks, stock market trading, stock market")
Meanwhile, State Bank of India (SBI) is eyeing to sell Rs 166.64 crore worth of non-performing loans in two accounts – Mehadia Sales Trade Corporation and Stemkor International – through an e-auction on January 31.
Mehadia Sales has an outstanding of Rs 121.63 crore, and the bank has set a reserve price of Rs 11.25 crore, translating into a recovery of just 9.24 per cent. Further, Stemkor International has an outstanding of Rs 45 crore, and the bank has set a reserve price of Rs 12 crore, translating into a recovery of 27 per cent.
SBI has invited expressions of interest (EoIs) for the assets put up for sale by January 9, following which the interested entities will be allowed to conduct due diligence, and binding bids will be invited.
 "Adani Wilmar")
 "HDFC Bank")
 "Karur Vysya Bank")
 "myHQ by ANAROCK today announced a strategic partnership with WeWork India, a flexible workspace provider, under which myHQ will be the latter's solitary technology, marketing, and sales partner for its products, including day passes, conference room")
 "The National Highways Authority of India's (NHAI) plan to switch to satellite-based toll collection system will not just eliminate the physical toll booths and the road congestion, but will also offer a significant opportunity to insurance companies")
