SBI has sold the non-performing loan account of KSK Mahanadi Power Company to Aditya Birla ARC for Rs 1,622 crore, accepting a haircut of almost 58 per cent against the total outstanding.
KSK Mahanadi Power Company had total loan outstanding of Rs 3,815.04 crore towards State Bank of India (SBI) as of April 2022.
“SBI initiated open offer e-auction towards sale of fund based exposure of KSK Mahanadi Power Co. Ltd on 100 per cent cash basis on April 20, 2022 for a reserve price of Rs 1,544.08 crore,” SBI said in a regualtory filing on Thursday.
The state-owned lender had received a total of 15 expression of interests (EoIs), while only one bid was received from Aditya Birla ARC for an amount of Rs 1,544.08 crore in an auction in end-May.
