SBI launches open offer e-auction for sale of fund based exposure KSK Mahanadi Power Company Limited on 100 per cent cash basis for a reserve price of Rs 1,544.08 crore as on April 20, 2022,” SBI said in a regulatory filing on Thursday.
The state-owned lender had received a total of 15 Expression of Interest (EoI) while only one bid was received Aditya Birla ARC for an amount of Rs 1,544.08 crore in auction at the end of May.
In a Swiss challenge auction process in June, the lender said it did not receive any competitive bids and based on subsequent discussions, Aditya Birla ARC increased the offer to Rs 1,622 crore.
SBI said the sale was concluded on August 12, 2022 after obtaining approval from the competent internal authorities.
Earlier, the lender had put the e-auction of KSK Mahanadi on hold in December 2021 citing administrative reasons.
At that time, the total dues against the company stood at over Rs 4,100 crore.
Established in June 2009, KSK Mahanadi Power was going through the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 for more than two years.