The largest private sector lender ICICI Bank has put two stressed assets with an exposure of Rs1,000 crore on the block to be sold to asset reconstruction companies, market sources said on Monday.The two accounts include Tulip Telecom (Rs700 crore) and Falcon Tyres worth Rs300 crore. Both have been declared as non-performing assets for sometime now, they said. All the major ARCs in the system have been approached for the asset sale, as per sources.
The bank had reported an increase in its gross non-performing assets ratio at 3.78 per cent in March 2015 and had said a bulk of NPAs are coming from assets restructured earlier. The bank scrip closed 3.09 per cent down at Rs 291.20 apiece on the BSE.
It can be noted that since last fiscal, ARCs were not keen to pick dud loans from banks after the Reserve Bank asked ARCs to pay three times more upfront amount from 5 to 15% of the asset value. Following this, there was a massive drop on fresh asset sales to/pick up by ARCs.