Indian Overseas Bank is planning to sell non-performing assets (NPAs) of Rs 11,500 crore to asset reconstruction companies. The sale will be conducted through an e-auction under the open auction method on a portfolio basis. The portfolio comprises accounts financed under a consortium arrangement, with some admitted under NCLT. Prospective buyers can bid on a portfolio basis, individual accounts, or groups of accounts.
Eligible ARCs and other transferees can submit their Expression of Interest (EoI) by January 18 to participate in the e-auction scheduled for January 30 in the case of 46 accounts.
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.
