The Stressed Assets Stabilisation Fund (SASF) of IDBI Bank Limited (NSEI:IDBI), which is targeting a recovery of 11.59% by selling non-performing loans worth INR 61.51 billion, has received 18 expressions of interest (EoIs) from asset reconstruction companies (ARCs). The reserve price for the auction is set at INR 7.13 billion and the sale has drawn interest from large ARCs including Asset Reconstruction Company (India) Limited (ARCIL), JC Flowers ARC, Edelweiss ARC, JM Financial ARC and ACRE. Others include Kotak-backed Phoenix ARC Private Limited, Uv Asset Reconstruction Company Limited (UV ARC), Prudent Arc Limited, Omkara Assets Reconstruction Private Limited (Omkara ARC) and CFM Asset Reconstruction Private Limited (CFM ARC).

The last day for submitting EOIs was May 22. The auction date will be announced after the entities that submitted EoIs complete due diligence on the accounts. The sale will be 100% cash-based, with EY as the process advisor.

The portfolio up for assignment and sale comprises 239 cases, with 81 backed by tangible securities and guarantees, having a gross principal outstanding of INR 21.7951 billion. The remaining 158 cases are supported by guarantees and claims, with an outstanding of INR 39.7165 billion.