Free Press Journal

SBI to sell NPAs worth Rs 2,490 cr


New Delhi : SBI will sell two non-performing assets (NPAs) worth about Rs 2,490 crore and has invited bids for them. In terms of the bank’s revised policy on sale of financial assets in line with the regulatory guidelines, “we place these accounts for sale to ARCs/banks/  NBFCs /FIs”, State Bank of India said in the bid documents.

The two accounts on sale are — Bombay Rayon Fashions which owes Rs 2,260.79 crore to the bank. The second account, Shivam Dhatu Udyog, has to repay Rs 229.32 crore. The loan dues from Bombay Rayon excludes equity investment.

As per data from BSE, Bombay Rayon has 61.65 per cent public shareholding. In the financial institutions category, SBI held the highest 29.28 per cent equity in the company as on June 30, 2018.

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