PNB puts up 11 NPAs for sale to recover dues of Rs 1,234 crore

New Delhi: State-owned Punjab National Bank (PNB) has put up for sale nearly a dozen non-performing assets (NPA) to recover dues of more than Rs 1,234 crore.

The lender has invited bids from asset reconstruction companies (ARCs)/ NBFCs/ banks/ financial institutions for 11 NPA 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 per cent 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 September 12.

The last date to submit bids is September 20, 2019. The bids will be opened on September 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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