Page 7 - BANKING FINANCE NOVEMBER 2023

BANK UPDATE

capitalisation as of September 30, up Rs. 264 core interest charged on that
from 14th three months ago, it said. loan, according to a notice inviting as- Attention Subscribers
Five other public sector banks rose in set reconstruction companies (ARC) to Please renew your Subscription of The
the market cap rankings over the pre- bid for the project. Insurance Times Journal to receive
vious quarter. Central Bank of India's The bank has set a reserve price of 230 copy of the journal uninterruptedly.
market cap grew 76.59 per cent over crore, it added. The bank has invited You can now pay by GPAY, Phonepe,
the previous quarter, while Union Bank expressions of interest from ARCs by Paytm, Amazon, ICICI Pay, BHIM UPI
of India gained 59.56 per cent, Indian November 6.
Bank gained 44.78 per cent and UCO Radius Sumers Developers is a special-
Bank 58.94 per cent, each climbing up
purpose vehicle (SPV) jointly formed by
two notches in the ranking, the data Sanjay Chabaria promoted by Radius
showed. Bank of India Ltd.'s market
Group and Sumer Buildcorp. The total
cap grew 48.64 per cent, pushing it up
project cost is estimated at Rs. 1,683
one spot, S&P said.
crore, funded by term loans of Rs. 600
"Buoyancy amongst public sector banks crore, promoter contribution of Rs.
could be attributed to the massive 368 crore and advances from custom-
clean-up of their balance sheet at the ers of Rs. 715 crore, according to a rat-
backdrop of IBC [Insolvency and Bank- ing report by Brickworks dated Decem-
ruptcy Code] in India," said Sandeep ber 2, 2022.
Upadhyay, Managing Director and
The total cost incurred on the project
CEO of Centrum Infrastructure Advi- until April 2019 was Rs. 1,057 crore (in-
sory. The "banking ecosystem has been
cluding land and land development
looking forward to this much-needed
expenses), the same rating report
one-time cleanup for a very long stated.
time," Upadhyay said in comments
The company defaulted on Rs. 600
emailed to Market Intelligence.
crore loans given by Standard Char-
tered Bank at Rs. 325 crore
Standard Chartered Bank
and PNB Housing Finance at Rs. 275
puts realtor radius Sumers' crore, the rating report stated. The Sashi Publications Easy Payment
Rs 569 cr of debt on the project has a saleable area of around Modes :-
1 million sq ft and was initially esti-
block i) UPI ID: SASHIBOOKS@KOTAK
mated to complete by December
Standard Chartered Bank has put on 2025, however it has not progressed as ii) GPAY: 9830171022@okbizaxis
the block loans given to defaulting per the timeline. In 2005, Summer iii) PAYTM: 9830171022@paytm
realtor Radius Sumers Developers, Buildcorp acquired the land at iv) NEFT: Current A/C
which is constructing an ultra-luxury Mazgaon, and in 2014 Radius Group 402120110000327 of 'SASHI
residential project in South Mumbai. approached Sumer for joint develop- PUBLICATIONS PRIVATE
The project named 'Harbour Heights' ment of the project. LIMITED, Bank of India, VVK
is being developed on 10 acres of land The sale of loans comes when the Road Branch., Kolkata, India,
(7.5 football grounds) on P D'mello lender and the corporate are negoti- IFSC Code : BKID0004021
Road at Mazagon. It will house four ating a settlement. The British bank v) Credit Card:
high-rise residential towers and a mall. has petitioned the Mumbai National www.sashipublications.com
Standard Chartered Bank invited offers Company Law Tribunal to admit the For any query please call
for its Rs. 569 crore debt, which in- real estate developer for corporate 9073791022/9883398055
cludes Rs. 305 crore principal loan and insolvency. T www.sashipublications.com

BANKING FINANCE | NOVEMBER | 2023 | 7