PNB Housing seeks counter bids to sell 663 NPAs worth Rs 3.2 bln

PNB Housing seeks counter bids to sell 663 NPAs worth Rs 3.2 bln

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

FPJ Web DeskUpdated: Friday, December 30, 2022, 05:10 PM IST
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PNB Housing seeks counter bids to sell 663 NPAs worth Rs 3.2 bln | Image credit: PNB Housing (Representative)

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.

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