State Bank sells distressed KSK Mahanadi loans to Aditya Birla ARC for Rs 1,622 crore
State Bank of India NSE -0.45 % (SBI) on Friday sold distressed KSK Mahanadi Power’s ₹3,815-crore outstanding loans to Aditya Birla Asset Reconstruction Co for ₹1,622 crore, a move that would help the bank shore up its earnings in the second quarter, said two people aware of the development.
This would be the single-largest distressed loan sale on an upfront payment basis by any bank, equating to a recovery of 42% for the bank. Aditya Birla ARC’s bid was supported by its joint venture partner, Varde Partners.
