Mumbai: Union Bank of India decided to sell Visa SteelDebt worth ₹410 crore at a reduced price price after failing to attract offers in the previous quarter.
THE bank set the reserve price at ₹143 crore, which is lower than the previous quarter’s price of ₹160 crore. Additionally, debts of six other companies with total outstanding amount of ₹300 crore, including exposures to Asian Color Coated ispat Limited (ACCIL) and SDB Developers are also on sale.
Union Bank has adjusted its price forecast, aiming for a 34% recovery instead of the previous target of 40%. Interested bidders are required to submit expressions of interest by July 11, with the Swiss auction taking place on July 18, cash-only. The delay in resolving the debt problem prompted the bank to sell the debt. Visa Steel was admitted to the NCLT in November 2022 based on an application from Oriental Bank of Commerce.
