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Banks define bidding criteria for Essar Steel

DNMUM404611 | 1/4/2018 | Author : Manju AB | WC :448



Mumbai: Anticipating intense buying interest, banks have set up an elaborate marking system to shortlist the bidders for Essar Steel. The company is in the National Law Tribunal (NCLT) for non-payment of bank dues estimated at Rs 45,000 crore.
The evaluation system will broadly be divided into quantitative and qualitative criteria, a senior banker said.
The quantitative marking, which will carry 70 marks, will be based on the the gains that banks could make on equity infusion. The marks will be for bringing in net present value and upfront cash.
For example, if the promoters bring in upfront cash, they will get 20 marks. If they get about 30% of the net present value (NPV) of the total resolution, they will get another 50 mark
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