KSK Mahanadi Power Company had total loan outstanding of Rs 3,815.04 crore towards State Bank of India (SBI) as of April 2022.
“SBI initiated open offer e-auction towards sale of fund based exposure of KSK Mahanadi Power Co. Ltd on 100 per cent cash basis on April 20, 2022 for a reserve price of Rs 1,544.08 crore,” SBI said in a regualtory filing on Thursday.
SBI said the sale concluded on August 12, 2022 after getting approval from competent internal authorities.
Prior to this, the lender had put the e-auction of KSK Mahanadi on hold in December 2021 citing administrative reasons.
At that time, the total outstanding against the company stood over Rs 4,100 crore.
Established in June 2009, KSK Mahanadi Power was undergoing the Corporate Insolvency Resolution Process under the Insolvency and Bankruptcy Code, 2016 for more than two years.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)