IOB to Offload 92 Non-Performing Assets with Outstanding Loans of Rs 13,472 Crore

Indian Overseas Bank to sell 92 bad loans worth Rs 13,471 crore through e-auction on May 28. Interested asset reconstruction companies and other eligible transferees can submit expressions of interest by May 13. The first portfolio includes 46 consortium-financed accounts, 3 multiple banking accounts, and 2 sole banking accounts, while the second portfolio consists of 41 sole banking accounts. The bank's gross NPA levels have fallen from 11.69% in 2021 to 3.90% in 2023.

Indian Overseas Bank (IOB) on Sunday said it will sell 92 non-performing loans with an aggregate outstanding of Rs 13,471.68 crore through an e-auction on May 28.

The public sector lender invited expressions of interest (EoI) from asset reconstruction Companies (ARCs) and other eligible transferees by May 13 to participate in the auction process.

''Indian Overseas Bank has published sale notification pertains to the sale of 92 NPA loans, collectively amounting to an aggregate Book Outstanding of Rs 13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method,'' IOB said in a statement.

The first portfolio encompasses, 46 accounts financed under consortium arrangements, 3 accounts under Multiple Banking arrangements, with the remaining 2 accounts being sole banking ventures.

Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. The second portfolio consists of 41 sole banking accounts, it added.

Interested Asset Reconstruction Companies (ARCs) and other eligible transferees are cordially invited to submit Expressions of Interest (EOI) by May 13, 2024, to participate in the forthcoming e-auction scheduled for May 28.

The bank's Gross NPA (GNPA) levels plummeted from 11.69 per cent as of March 31, 2021, to 3.90 per cent by December 31, 2023.

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