IOB seeks buyers for 344 bad loans totalling Rs.24,278-Cr

Indian Overseas Bank (IOB) is seeking buyers for its distressed loan portfolio that includes advances to Aban Holdings, Rotomac Global, Essar Group companies and subsidiaries of GVK and Lanco groups. The bank has circulated a list of 344 non-performing accounts of the size of INR 24,278 crore. The Chennai-based bank has requested an expression of interest from asset reconstruction companies (ARCs) along with an indicative offer price.