Indian Overseas Bank put nine accounts for the sale of Bad loans
IOB(Indian Overseas Bank) said it has requested bids for the sale of bad loans of worth Rs180.68 crore on 8 February, during the current quarter. It also conveyed that securitization companies, asset reconstruction companies (ARCs) , Banks, non-banking financial companies (NBFCs), and foreign investors can put in bids by 28 February.
The process of diligence by bidders will be completed by 23 February.They also gone through the proposal where the lender has put up for the sale bad loans of different nine accounts, where it includes Swain Aluminium Pvt. Ltd (Rs18.51 crore) , Bombay Rayon Fashions Ltd (Rs62.58 crore), Swain Aluminium Pvt. Ltd (Rs18.51 crore), Rishraj Filaments Ltd (Rs30.33 crore) and Chandigarh Treasure Island (Rs32.21 crore).
It also said that if it is required it will allow the bidders to increase their offer Bank may, if so desired, permit the bidders to increase their offer and in a case if concession will take place during the course of the day , the final offer and after opening of covers should be submitted on the same day itself said, IOB in its website.
It also Added that during the process of diligence study or any related issues occurs ,whatever the costs and expenses it triggered will be carried out by it. Moreover, the bid covers will be opened on 1 March or any following date.
According to the records of data , the first nine months of this financial year the total recoveries where Rs5,981 crore and during the quarter, the bank recovered loans worth Rs2,446 crore.