No takers for Union Bank’s bad debts despite lowering reserve price

On August 17, Union Bank issued a tender inviting bids for the power company’s Rs 2,077-crore debt at a reserve price of Rs 919 crore for upfront cash, which was lower than Rs 935 crore reserve price set in mid-July, where it failed to attract any offers. Union Bank’s revised reserve price equated to a recovery of 44 paise on a rupee.

from Banking/Finance-Industry-Economic Times https://ift.tt/CNkJA4W