Indian Overseas Bank Receives Interest for Bad Loan Sale

25 Jan 2025 CW Team

Chennai-based Indian Overseas Bank (IOB) has received up to 10 expressions of interest (EoIs) from asset reconstruction companies (ARCs) for purchasing a mix of large and small loan accounts that the bank put up for sale earlier this month, according to sources familiar with the matter. The total bad loans on sale amount to Rs 6.38 billion and include unsecured education loans and loans given to micro and small enterprises (MSMEs). Loans with outstanding amounts up to Rs 30 million were made available for sale last month. This is the bank's second such process recently, following an earlier sale of Rs 115 billion in corporate bad loans earlier this month. For the Rs 2.45 billion ($30 million) in unsecured education loans, IOB has set a reserve price of 50% of the outstanding value, or Rs 1.22 billion. The bank expects at least 25% of the bid amount to be paid in cash, with the remaining 75% in security receipts (SRs) redeemable after recovery. Similarly, for the Rs 3.93 billion in MSME loans, the reserve price is set at 40% of the outstanding value, or Rs 1.57 billion, with the same cash-to-SR payment structure. Interested bidders can participate in the e-auction for these accounts scheduled for January 31.(ET)

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