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Tag: Bhushan

PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

PNB expects Rs 3,800 cr recovery from Bhushan Power resolution; sees good amount from DHFL too

Finance
NEW DELHI: State-owned (PNB) is expecting to recover a substantial Rs 3,800 crore from Bhushan Power and Steel under debt resolution in NCLT, which will help it achieve the target of Rs 8,000 crore cash recoveries during this fiscal, its managing director and CEO S S Mallikarjuna Rao said. Besides, the city-based lender also hopes to make good recovery of its exposure in crisis-hit , which is undergoing a resolution process currently. Sticking to the bank's previous guidance on restricting the gross NPAs below 14 per cent and net NPAs lower than 5 per cent by the end of the current fiscal, Rao said there has been an improvement in collection efficiency as well in January after a dampened December. Across the banking industry, the collections were much better in October and November, befor...
IFCI recovers Rs 280 crore from Bhushan Steel

IFCI recovers Rs 280 crore from Bhushan Steel

Finance
NEW DELHI: Infrastructure lender IFCI has recovered Rs 280.30 crore and has been allotted over 5.79 lakh equity shares of debt-ridden Bhushan Steel (BSL), which has been acquired by Tata Steel, under the insolvency process. "IFCI as one of the financial creditors to BSL had filed its claim with the resolution professional which was duly accepted. Under the resolution plan (RP) envisaging payment of Rs 35,200 crore to all the financial creditors, IFCI has since received its share of Rs 280.30 crore," IFCI said in a BSE filing. Further, as part of the RP, IFCI said it has also been allotted 5,79,277 fully paid up equity shares of BSL having face value of Rs 2 per share. The company, however, did not share the total outstanding amount. In June last year, RBI's internal advisory committee (IAC...