PNB to sell NPAs to recover dues of Rs. 136 crore

Punjab National Bank is set to sell three of its non-performing assets (NPAs) worth Rs. 136 crore.

PNB's NPA in December 2017 stood at Rs. 8.31 lakh crore. The bank will recover Rs. 136 crore dues from its borrowers, through the sale of NPAs including Gwalior Jhansi Expressway with an outstanding of Rs. 55 crore; SVS Buildcon Pvt Ltd Rs. 50 crore and Shiva Texfabs Ltd Rs. 31.06 crore.

PNB is marred with Rs. 14,000 crore scam allegedly perpetrated by Nirav Modi and associates. The bank posted a net loss of Rs. 12,282.82 crore in the last fiscal. In 2016-17, the company has planned to place these NPAs for sale to ARCs/ NBFCs/other banks/FIs, as per the regulatory guidelines.

On Friday, the share reached its intraday high of Rs.78 and intraday low of Rs. 75 per share on the BSE. The 52-week high is recorded at Rs. 231.60 and 52-week low at Rs. 72.35 per share on the BSE. The stock closed at Rs. 76.90 per share, up by 1.72 per cent. The BSE Sensex closed at 35,657.86 level, up by 0.23 per cent and the Nifty50 closed at 10,772.65 level, up by 0.21 per cent.