indian bank: Indian Bank offers to sell Rs 610-crore bad loans

State-run Indian Bank has put bad loans worth ₹610 crore on sale as it looks to clean up books by the end of this financial year.

The loans include exposures to real estate firm Ashvi Developers, LMJ International and ACCIL Corporation. The lender expects it would be able to recover at least a quarter of the value. Interested bidders have until December 14 to submit the expressions of interest. The bank will conduct e-bidding on December 27, according to the bid document.

Loan account includes ₹351 crore of Ashvi Developers, where the reserve price is set at ₹97 crore. Bank has put ₹162 crore dues of LMJ on sale where the reserve price is at ₹12 crore and ₹88 crore of ACCIL Corporation, where the reserve price is fixed at ₹30 crore. The bank has given option to interested investors to submit bids on an individual account. Some banks have been following an open bidding process where bidders are invited at above the reserve price.

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