
The reserve price for the auction is set at ₹713 crore and the sale has drawn interest from large ARCs including Arcil, JC Flowers ARC, Edelweiss ARC, JM Financial ARC and ACRE. Others include Kotak-backed Phoenix ARC, UV ARC, Prudent ARC, Omkara ARC and CFM ARC. The last day for submitting EOIs was May 22. The auction date will be announced after the entities that submitted EoIs complete due diligence on the accounts. The sale will be 100% cash-based, with EY as the process advisor.
The portfolio up for assignment and sale comprises 239 cases, with 81 backed by tangible securities and guarantees, having a gross principal outstanding of ₹2,179.51 crore. The remaining 158 cases are supported by guarantees and claims, with an outstanding of ₹3,971.65 crore.
SASF was established in the FY2005-06 budget as a special purpose vehicle trust to acquire stressed and non-performing assets from the former Industrial Development Bank of India , a development financial institution (DFI) that was turned into a full-fledged bank and renamed IDBI Bank.
The trust, which managed ₹9,000 crore of distressed loans acquired from the DFI, recovered most of the loans, and the rest are being sold now. The fund is being wound down as it completes its 20-year life cycle.
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price