PNB puts up National Steel & Agro Industries for sale to recover Rs 200 crore dues

New Delhi: State-owned Punjab National Bank (PNB) has put up a Madhya Pradesh-based steel and agriculture company for sale to recover its outstanding of nearly Rs 200 crore.

The National Steel and Agro Industries Ltd has a balance outstanding of Rs 199.90 crore to the bank.

"We intend to place the account 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 an auction notification.

The lender has set the reserve price (on cash basis) at Rs 95 crore for the sale process.

For the prospective bidder to expedite the process of due diligence exercise and for verification purposes of the buyer, the bank said it will make all possible efforts to bring copies of documents at one place.

However, the bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons, it added.

PNB has set December 8 as the last date for completion of due diligence exercise. The last date of submission of binding bids is December 9, while the date for opening of bids is fixed as December 10, 2021.