News Digest

02 January 2018
Axis Bank to sell Rs 2,000-crore Bhushan Steel loa

After Indian Overseas Bank offloaded its debt in Bhushan Steel with a 40 per cent haircut, the country''s third-largest private-sector lender Axis Bank has decided to put its Rs 2,000-crore loan exposure to the steel company up for sale in the distressed-assets market. Going by the market trend, the bank may get as much as Rs 1,200 crore. "Axis Bank does not want to stay invested in some of the large stressed assets and is looking to exit many of these large loans, as resolutions through NCLT are yet to happen," said a person involved with the matter. "Market transactions indicate that the bank will manage to get 60per cent of the loan back."

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