According to a statement on the company website, PNB Housing Finance Ltd. has requested counteroffers under the Swiss Challenge Method from asset reconstruction firms, banks, non-banking finance companies, and other financial institutions to sell 663 non-performing loans totaling 3.22 billion rupees.
The name of the loan account that is being offered for sale on a cash basis has not been disclosed by the housing finance firm.
Expressions of interest must be sent by Wednesday. The business already has a foundation or anchor offer in place in the amount of 580 million rupees.
After the counter-bidding process, timelines for conducting due diligence can be further extended up to Jan 10 at the sole discretion of PNB Housing Finance, the company said.
Gross non-performing assets as of September 30 were 35.0 billion rupees, a 3.7% decrease from the previous quarter. The gross non-performing assets ratio increased from 6.35% a quarter earlier and 6.37% a year earlier to 6.06% today.
As of September 30, the net non-performing assets ratio was 3.59%, down from 4.26% on June 30.