Indian Overseas Bank to Auction Rs 13,471.68 Crore NPA Portfolio, Offer Value Plunges

Indian Overseas Bank has reported an e-auction of 92 non-performing credits worth Rs 13,471.68 crore on May 28

Indian Overseas Bank, (IOB) on Sunday declared its arrangement to sell 92 non-performing credits adding up to Rs 13,471.68 crore by means of an e-auction on May 28. The bank has called for articulations of premium (EOI) from resource remaking organizations (Curves) and other qualified transferees to join the closeout by May 13.

"Indian Overseas Bank has distributed deal notice related to the offer of 92 NPA credits, all in all adding up to a total Book Remarkable of Rs 13,471.68 crores, presented on portfolio premise in 2 parts through e-auction under the open sale technique," IOB said in a proclamation.

At 9:30 am, the portions of the public area moneylender were exchanging at Rs 65 cost level, somewhere near 1.36 percent on the National Stock Trade.

The principal portfolio envelops, 46 records supported under consortium courses of action, and 3 records under Different Financial game plans, with the excess 2 records being sole financial endeavors.

In addition, 38 portfolio accounts are officially admitted to NCLT's jurisdiction. The subsequent portfolio comprises of 41 sole financial records, it added.

To be eligible to participate in the upcoming May 28 e-auction, interested Asset Reconstruction Companies (ARCs) and other transferees are invited to submit Expressions of Interest (EOI) by May 13, 2024.

The bank's Gross NPA (GNPA) levels dove from 11.69 percent as of Walk 31, 2021, to 3.90 percent by December 31, 2023.

The banking company's shares have generated an annual return on the NSE of more than 160%.