SBI plans to sell manufacturing plants of ANG Industries
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A consortium of lenders led by State Bank of India (SBI) plans to sell a plant of ANG Industries for at least R17.49 crore and has mandated SBI Capital Markets (SBI CAPS) to look for a buyer, a bid document showed.
“SBI Capital Markets Limited (SBICAP) has been mandated by SBI on behalf of consortium of lenders, to identify an interested bidder (“IB”) for sale of a plant ANG Industries Ltd situated at address 19-A, Udyog Vihar, Greater Noida, Uttar Pradesh , under a slump sale method,” it said.
In FY16, the company reported a net loss of R8 crore on the back of R160 crore in revenues. In Q2 FY17, its net loss stood at R28 crore on revenues of R21 crore. Its total debt stood at R127 crore in FY16.
Other lenders in the consortium are Bank of Baroda (BoB), Development Credit Bank, Yes Bank. The company is promoted by its managing director Premjit Singh (24.19%), ANG Logistics Private Limited (3.11%) and ANG Automotive Industries Private Limited (0.21%).
The company is involved into manufacturing of automotive components and has two plants located at Greater Noida and Sitarganj. Lenders and the company have already received a binding bid of Rs 17.5 crore from one of the interested parties. However, SBI has proposed to run a Swiss Challenge process to allow other interested parties to be part of the above sale process.
In a Swiss Challenge method, if there is an offer, the first bidder will be given a chance to match or better the offer of the highest bidder in seven days. The deadline for submitting an expression of interest has been set at 5 pm on January 5, 2017.
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