State-owned IDBI Bank on Wednesday sought bids for its equity stakes in 13 companies, which for the number of shares at their face value amounts to a sum of Rs 129 crore. Bids for the shares of the 13 unlisted companies, which include steel company Neelachal Ispat Nigam and urban infrastructure company New Tirupur Area Development Corporation, must be sent in by January 31. The list comprises companies from pharmaceuticals, healthcare, construction, iron and steel, financial services, power and sugar industries. In a notice, the bank said, \u201cBids are to be submitted on a consolidated basis for one or more companies indicating the bid price against each of the shares. Bids shall be for the entire shares held by IDBI Bank in each of the company and not in parts,\u201d adding that for some of the shares, promoters have the right of first refusal. These companies are likely to have been loan defaulters whose debt got converted into equity under the strategic debt restructuring (SDR) scheme. An SDR allows banks to convert debt at a price below the current market value and can now own 51% or more of the equity of the company. In case of unlisted companies, a break-up value should be used, which is the book value per share calculated from the company\u2019s balance sheet without considering revaluation reserves. According to RBI, in case the latest balance sheet is not available then the break-up value shall be Re 1. In several cases bankers have not seen the SDR scheme delivering the desired results, including in the cases of Electrosteel Steels, Jyoti Structures, Lanco Teesta Hydro Power, Monnet Ispat, IVRCL, Coastal Projects and Ankit Metal and Power. Bankers have considered SDR for accounts with loans aggregating to over Rs 1 lakh crore, since RBI had allowed resolution through this scheme in 2015. Karthik Srinivasan, senior vice president, ICRA, said assets where debt was converted into equity under RBI\u2019s SDR scheme have seen little interest in the past. \u201cThere are a lot of assets which banks are now trying to offload but the question is do you have enough buyers, do you have enough asset reconstruction companies (ARCs), as that would be quite critical,\u201d he said.