Indian Overseas Bank (IOB) will sell 92 non-performing loans amounting to Rs 13,471.68 crore through an e-auction on 28 May. 

The public sector lender invited expressions of interest (EoI) from asset reconstruction companies (ARCs) and other eligible transferees by 13 May to participate in the auction process.

"Indian Overseas Bank has published sale notification pertaining to the sale of 92 NPA loans, collectively amounting to an aggregate book outstanding of Rs 13,471.68 crores, offered on portfolio basis in 2 lots through e-auction under the open auction method," IOB said in a statement.

The first portfolio includes 46 accounts financed under consortium arrangements, three accounts under multiple banking arrangements, with the remaining two accounts being sole banking ventures.

Furthermore, 38 accounts within the portfolio are formally admitted under the purview of NCLT. 

The second portfolio consists of 41 sole banking accounts, the bank stated.

Interested ARCs and other eligible transferees are cordially invited to submit Expressions of Interest (EOI) by 13 May 2024, to participate in the forthcoming e-auction scheduled for 28 May.

The bank's gross non-performing assets plummeted from 11.69% as of 31 March 2021 to 3.90% by 31 December 2023.