State Bank of India (SBI) has decided to sell its loans in Essar Steel as it could see a spurt in provisioning for bad loans and erosion in capital base if the steel maker's insolvency process gets delayed further. However, the SBI's decision will not stall the Insolvency and Bankruptcy Code (IBC) process as the new entity will join the committee of creditors.
SBI, which is the largest creditor having total exposure of Rs 15,431.44 crore in Essar Steel, has invited expression of interest (EoI) from banks, asset reconstruction companies, and financial institutions for the proposed sale of its debt.
SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.
Company Name | CMP |
---|---|
SBI | 750.80 |
Bank Of Baroda | 256.95 |
PNB | 128.25 |
Canara Bank | 578.70 |
Union Bank Of India | 140.85 |
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