BoB lines up plans to sell RCom debt

Kolkata/Barcelona: Bank of Baroda (BoB) has lined up plans to sell its Rs 1,838.16 crore debt in beleaguered Reliance Communications (RCom) through an international auction, and is likely to float a tender for the same shortly, two people aware of the matter said.

Bank of Baroda, it is learnt, has classified its RCom exposure as a non-performing asset ( NPA), and will shortly invite expressions of interest (EoIs) from potential buyers keen to pick up the debt.

These latest overtures come in the aftermath of RCom recently announcing plans to move the insolvency tribunal, seeking bankruptcy protection as its lenders haven’t received any proceeds from its asset monetisation plans over the past 18-odd months.