PNB Puts Up For Sale 11 NPA Accounts To Recover Dues Worth Rs 1,234 Crore
A cyclist rides past a branch of Punjab National Bank in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

PNB Puts Up For Sale 11 NPA Accounts To Recover Dues Worth Rs 1,234 Crore

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Punjab National Bank has put up for sale nearly a dozen non-performing assets to recover dues of more than Rs 1,234 crore.

The lender has invited bids from asset reconstruction companies, non-bank lenders, banks and financial institutions for 11 non-performing accounts.

The accounts include Visa Steel, which has irrecoverable dues of Rs 441.83 crore, IndBarath Energy (Utkal) Rs 414.23 crore, Aster Pvt. Ltd. Rs 113.57 crore and Om Shiv Estates Rs 100.16 crore.

The sale is on 100 percent cash basis, PNB said in an advertisement.

The bank has asked the prospective bidders to expedite the process of due diligence, saying it will make all possible efforts to bring copies of documents at one place for verification. The prospective buyers shall be intimated separately, depending upon their response.

The prospective bidders can evince their interest by Sept. 12. The last date to submit bids is Sept. 20. The bids will be opened on Sept. 21.

The lender is set to merge two peer banks—Oriental Bank of Commerce and United Bank of India—with itself following the government’s announcement late last month to consolidate 10 public sector banks into four bigger entities.

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