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Indian Overseas Bank sells Rs 1,500 crore bad debt to Edelweiss ARC: Report

29 Sep 2017 Evaluate

Indian Overseas Bank has reportedly offloaded its bad debt exposure worth Rs 1,500 crore in Essar Steel to Edelweiss Asset Reconstruction Company (ARC). The company has sold the same at a 50 per cent discount to its book value.

The deal comes even as the National Company Law Tribunal declared Essar Steel insolvent and appointed an insolvent professional to manage the company. Fearing a huge hair-cut, banks are selling their bad loans to asset reconstruction companies at big discounts.

Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

Indian Overseas Bank Share Price

34.97 0.03 (0.09%)
17-Apr-2026 16:59 View Price Chart
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Company Name CMP
SBI 1080.35
PNB 114.50
Canara Bank 142.35
Bank Of Baroda 280.00
Union Bank Of India 188.90
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