Jammu and Kashmir Bank is likely to sell its ₹303 crore KSK Mahanadi Power debt to ASREC (India) Pvt Ltd, an asset reconstruction company, said two people aware of the development. An offer of ₹122.6 crore by the ARC to the private north-based bank has triggered a Swiss challenge auction, these people said.
The Swiss challenge auction is scheduled on February 27, according to a notice issued by the bank early this week. If the offer by the ASREC is not challenged, it will equate to a recovery of 40 paise on a rupee for J&K Bank.
Source:
Economic Times
