Punjab National Bank (BSE:532461) (PNB) has put up for sale the account of loss-making Burnpur Cement Limited (BSE:532931) of West Bengal and has invited bids from Asset Reconstruction Companies (ARCs) to recover loan outstanding of over INR 500 million. Placing the Non-Performing Account (NPA) on sale, PNB said the company owes INR 501.8 million as loan. The lender has put the reserve price for the sale of the account to ARCs/permitted transferees at INR 200 million.

PNB said it will bring copies of all documents at one place for the verification of the prospective buyer to expedite the process of due diligence. Bank at its sole discretion may withdraw the account offered for sale, without assigning any reasons, it added. The bidding process will be conducted on PNB's e-auction portal on July 16, 2022.