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Feb 12, 2019 | Bank of America ML sole bidder for SBI’s Essar Steel debt

Read More>> MUMBAI | KOLKATA: Bank of America Merrill Lynch emerged as the sole bidder in State Bank of India’s auction of its loans to bankrupt Essar Steel, but it bid for only a part of the Rs 13,000-crore loans the lender put on the block, two people familiar with the matter told ET. 

The multinational investment bank has bid for about one-sixth of the loans that were up for sale, and is said to have offered Rs 1,300-1,500 crore, the people said. 

SBI’s loans to Essar were under different heads, including working capital, term loans and corporate loans. It had total outstanding loans of Rs 15,431 crore to the firm.