Bank of Baroda to sell NPAs to raise Rs.5,929 crore
Bank of Baroda plans to sell a series of non-performing assets (NPAs) totalling Rs.5,929 crore, including Rs.1,839 crore owed by debt-ridden telecom company Reliance Communications, on cash basis.
A Rs.262-crore NPA in Asian Colour Coated Ispat, Rs.200 crore in Monnet Power, Rs.143 crore in Sinhgad Technical Education Society, and Rs.266 crore in GVK Power Goindwal Sahib, are among the others.
The lender intends to sell the debt in a total of 49 companies to raise Rs.5,929 crore.
GVK Gautami Power (Rs.91 crore), Golden Jubilee Hotels (Rs.134.26 crore), Surat Hazira NH6 Tollways (Rs.100.17 crore), SBQ Steels (Rs.177.17 crore) and Spanco (Rs.86.30 crore) are among the major debtors’ assets BoB intends to sell.
The bank has called for an Expression of Interest (EoI) and sought interested Asset Reconstruction Companies (ARC), banks, non-banking financial institutions, and financial institutions to conduct due diligence. The bank has also sought a non-disclosure agreement (NDA) from interested parties, the documents reveal.
