Bank of Baroda to put 35 NPAs up for sale to recover Rs 4,237-cr dues
Posted on 22nd November 2018 |
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| Bank of Baroda has proposed to put 35 non-performing assets (NPAs) up for sale, including several ailing power assets, to recover dues worth Rs 4,237 crore and has invited expressions of interest from asset reconstruction companies (ARCs) and financial institutions (FIs). In a notification on its website, the bank said, “Besides the amount outstanding under any disbursed loans, Bank shall notify the Purchaser details of any un-devolved LCs/BGs yet to be invoked/ installments of DPGs, which are not yet due, in respect of the NPA accounts being offered for sale by the Bank.” Of the 35 accounts on the block, Jindal India Thermal Power has the highest loan outstanding against it at Rs 334.93 crore, followed by Rathi Steel And Power at Rs 290.52 crore. Rolta India and GVK Power Goindwal Sahib, which were referred for resolution under the Insolvency and Bankruptcy Code (IBC) in September, are also up for sale at Rs 287.38 crore and Rs 266 crore, respectively. Others among the remaining accounts belong to GVK Gautami Power (Rs 91.30 crore), GVK Industries (Rs 103.29 crore), GMR Chhattisgarh Energy (Rs 218.37 crore), GTL (Rs 97.58 crore) and Jaiprakash Power Ventures (Rs 230.75 crore). Also up for sale yet again is Visa Steel (Rs 90.95 crore), which is part of the Reserve Bank of India’s second list of non performing assets flagged by the central bank for referral to the NCLT under IBC. Lenders have been known to put on sale exposures to cases headed to the NCLT, or being resolved under IBC for quick cash-based recoveries, in an attempt to avoid delays in resolution and excessive litigation. Bank of Baroda suggested the interested ARCs/FIs/Banks can conduct the due diligence of these assets with immediate effect following submission of the expression of interest and execution of a non-disclosure agreement with the bank, which was to take place latest by December 10. State-run Dena Bank also invited bids from all eligible ARCs, non-banking financial companies and banks for sale of 84 NPAs with an outstanding principal balance of about Rs 3,323.77 crore, which would be sold through an e-bidding process scheduled for November 29. |
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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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