PNB stock rises 3% as co puts 3 NPAs worth Rs 136cr on sale

Shares of Punjab National Bank (PNB) added 3 percent intraday Friday as company put on sale three NPAs worth Rs 136 crore.

The company has put on sale three non-performing assets to recover Rs 136 crore dues from the borrowers.

"We intend to place these accounts for sale to ARCs/ NBFCs/other banks/FIs on the terms and conditions stipulated in the bank's policy, in line with the

regulatory guidelines," PNB said in the invite for expression.

The three non-performing accounts (NPAs) or bad loans that have been put on sale are Gwalior Jhansi Expressways with an outstanding of Rs 55 crore; SVS

Buildcon Pvt Ltd Rs 50 crore and Shiva Texfabs Ltd Rs 31.06 crore.

The process of e-bidding for the sale of these accounts will happen on July 7, 2018, the bank said.

Earlier in April also, the bank had invited bids to sell three NPA accounts Shree Sidhbali Ispat Ltd (Meerut) with non-performing loans of (Rs 165.30 crore), Sri Guruprabha Power Ltd (Chennai) Rs 31.52 crore and Dharamnath Investment (Mumbai) Rs 17.63 crore to recover dues.

At 14:34 hrs Punjab National Bank was quoting at Rs 77.60, up Rs 2.00, or 2.65 percent on the BSE.

With inputs from PTI