PNB puts up for sale bad loans worth Rs 295 cr.

TIL Desk/Business/New Delhi-State-owned Punjab National Bank (PNB) will put on sale four bad assets worth Rs 295 crore in a move to shed non-performing assets from its books.

Last week, PNB Managing Director Usha Ananthasubramanian said the bank has identified assets worth Rs 1,800 crore that will be sold by month-end to recover bad loans.

The reserve price has been fixed at Rs 194.79 crore on cash basis while on security receipt (SR) basis, it is Rs 216.43 crore.

“We intend to place four accounts for sale to ARCs/NBFCs/other banks/FIs. The sale will be subject to final approval by the Competent Authority,” a PNB notice said.

The interested parties are required to evince their interest by tomorrow, March 7, it said, adding that submission of financial bid will be through e-auction to be held March 17 on bank website.