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PNB seeks buyers for Burnpur Cement exposure, UV Asset Reconstruction Company in race

The bank remains the only lender with an exposure to the Asansol-based cement manufacturer after State Bank of India (SBI) and Central Bank of India sold their loans to UV Asset Reconstruction Company (ARC).

PNB is offering the non-performing asset (NPA) account on an all-cash basis. The reserve price has been set at Rs 20 crore, and a sale at the reserve price would imply a haircut of 60% on the outstanding amount.
PNB is offering the non-performing asset (NPA) account on an all-cash basis. The reserve price has been set at Rs 20 crore, and a sale at the reserve price would imply a haircut of 60% on the outstanding amount.

Punjab National Bank (PNB) is seeking buyers for its Rs 50-crore loan exposure to Burnpur Cement, according to a notice issued by the lender. The bank remains the only lender with an exposure to the Asansol-based cement manufacturer after State Bank of India (SBI) and Central Bank of India sold their loans to UV Asset Reconstruction Company (ARC).

According to people in the know, the ARC, which currently holds 76% of Burnpur Cement’s debt, is in the race to buy the remaining exposure so that it can effectively aggregate the debt.

PNB is offering the non-performing asset (NPA) account on an all-cash basis. The reserve price has been set at Rs 20 crore, and a sale at the reserve price would imply a haircut of 60% on the outstanding amount.

“The sale of financial assets is being considered by the bank as a commercial decision and shall have no bearing whatsoever on the ongoing criminal case/investigation, if any, being carried out by the CBI (Central Bureau of Investigation)/police/any other agency and the same shall precede as per law,” PNB said in the notice.

In a rating report dated October 29, 2021, Crisil downgraded bank facilities worth Rs 159 crore availed by Burnpur Cement to default grade, citing non-cooperation from the company. “Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive any information on either the financial performance or strategic intent of BCL, which restricts CRISIL Ratings’ ability to take a forward looking view on the entity’s credit quality,” the rating agency said.

Burnpur Cement turned NPA in 2015. After buying out SBI and Central Bank’s exposures, UV ARC had changed the management of the company with effect from October 1, 2019. Burnpur Cement reported a loss of Rs 16.96 crore on revenues worth Rs 48.17 crore during Q4FY22.

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