Private sector lender Bandhan Bank said it has received a binding bid from an asset reconstruction company (ARC) amounting to Rs 801 crore for the written-off portfolio with an outstanding of Rs 8,897 crore.
"We would like to inform that pursuant to the approval of the board of directors of the bank to transfer group loan and SAL written-off portfolio to an asset reconstruction company, the bank has received a binding bid from an ARC, amounting to Rs 801 crore," it said in a stock exchange filing.
“The bank shall go for bidding as per Swiss challenge method and decision of sale shall be taken as per extant guidelines governing Swiss challenge method and the relevant policy of the bank,” it said.
Also Read: Defence personnel to get Bandhan Bank services
Earlier this month, Bandhan Bank had signed a memorandum of understanding (MoU) with the Controller General of Defence Accounts to extend banking facilities to servicemen. A statement by the bank said that under the agreement, the bank will provide services to the defence pensioners and their families through its 557 branches.
At 9:35am, shares of Bandhan Bank were trading 0.13 percent at Rs 232 apiece on the BSE.
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