The Central Bank of India has invited bids for the non-performing loan account held by Lanco Hills Technologies Park Pvt Ltd, which owes the bank 2.25 billion rupees, according to a notification posted on the company website.
Banks, asset reconstruction firms, non-banking finance companies, and other qualified financial institutions are invited to submit proposals to the state-owned lender.
Those interested in bidding for the account have to submit expression of interest by Tuesday, and complete due diligence by Jan 18. The process of e-bidding for the proposed sale will be held on Jan 20.
The loan account is being offered for sale on a 100% cash basis. The reserve price for the loan is 946.70 mln rupees.
In November 2021, Indian Overseas Bank had sought bids to sell Lanco Hills Technologies Park's non-performing loan account worth 2.17 bln rupees.
As of Sep 30, Central Bank of India's gross non-performing asset ratio was 9.67% compared with 14.90% a quarter ago. The net non-performing asset ratio was 2.95%, as against 3.93% a quarter ago.
