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SBI finds only one bidder for Essar Steel loans

Country’s largest lender SBI has found only one bidder after it put its Rs 15,431 crore loans to Essar Steel on the block. Bank of America Merrill Lynch has reportedly bid for Rs 1,900 crore worth of Essar Steel loans offering to pay a little over Rs 1,400 crore, or about 70% of the book value, in cash, sources said. SBI had first invited Expression of Interest (EoI) on January 16 from had asset reconstruction companies, banks, NBFCs and other financial institutions. Since then, SBI has changed the deadline twice, setting February 11 as the final date for inviting bids.

Read More at Bloomberg Quint News date : 12 Feb 2019, Tuesday

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