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Standard Chartered buys Rs 1,300 crore non performing assets from ICICI Bank

Standard Chartered has bought Rs 1,300 crore of impaired loans from ICICI Bank. Stanchart bought the loans in an auction, said to be the largest till date for sale of non performing assets (NPAs). Assets are bought on a discounted basis. The collateral on these loans typically includes one or more of real estate, plant and machinery, stock and receivables, personal and corporate guarantees.

The portfolio bought by Stanchart comprises 310 borrowers spread across India. The loans are from various industries such as textiles, steel, electricals and engineering companies. The borrowers range from operating companies facing cash flow difficulties to those that are in various stages of liquidation.

Seven commercial banks and Asset Reconstruction Company of India (Arcil) had done a due diligence on the loans. Of these, Barclays, Deutsche Bank and StanChart bidded for the loans.

The sale was preceded by a due diligence exercise, which was carried out over a period of eight weeks. The due diligence was based on a secured internet based remote access provided to potential investors to view the pertinent documents related to the borrowers.

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