New Delhi: SBI will auction two non-performing accounts (NPA) next month to restore more contributions from RS 313 Crore, in accordance with the notification by the lender.
Both accounts to be installed for e-auction on August 6 are Bhadreshwar Vidyut Pvt Ltd (BVPL) with loans that are circulating RS 262.73 Crore and Offshore Ltd goals with Rs 50.75 Crore contributions.
“In the case of bank policies sold for financial assets, in line with regulatory guidelines, we place this account for sale for ARC / Bank / NBFCS / FIS, on the terms and conditions shown there,” SBI said in the notification.
The reserve price for Bhadreshwar Vidyut auction was set at Rs 100.12 Crore and for offshore goals at Rs 51 Crore.
SBI has asked interested parties to conduct a thorough test of these assets with direct effects, after sending interest expressions and implementing non-disclosure agreements with the bank.
“We have the right to not advance with the proposed sales at each stage, without setting any reason.
The bank’s decision in this case will be final and binding,” SBI said.
BVPL was founded in 2007 as a special purpose vehicle promoted by the Opg Group, has substantial experience in the power and steel sector.
In April 2019, ICRA moved a long-term rating on the bank facility with a tone of Rs 2,062.40 Crore to the company for the ‘publisher’ publisher ‘category.
ICRA said it had tried to find information from the company to monitor its performance, but despite repetitive demand, company management remained uncooperative.
It also suggests lenders and corporate investors to be careful when using ranking action because it may not reflect the company’s credit risk profile.
Mumbai-based Offshore Goals are involved in business providing services for oil and gas extraction, excluding surveys.