Dena Bank to auction NPAs

Mumbai-based Dena Bank will auction Rs 188.4 crore of its non-performing assets (NPAs) to bring down gross NPAs below 2.5 per cent by March 2008. “We have finalised a portfolio of 49 borrowers (including operating and closed units) with an aggregate principal balance of Rs 188.40 crore. These loans will be sold in either one or multiple tranches,” a senior bank official said. All of the loans are commercial. Chairman and Managing Director P L Gairola said, ”This process (auction) will help secure better value for these assets than sale through bilateral negotiations.”