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Rs 7.35 Billion Boost in Profits for PNB due to Bhushan Steel Buyout
May 28, 2018
Punjab National Bank is expected to have a positive impact on its falling profits post the Bhushal Steel buyout. PNB and all the other lenders of Bhushan Steel will continue to hold 12% of the acquired entity to cash out when there is a hike in the company valuation.
According to PNB, the acquisition of Bhushan Steels by Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, will boost their profit by Rs 7.35 crores and bring down the bad debts by Rs 38.57 billion. This buyout is expected to recover around Rs 30.5 billion of the dues and help in writing off Rs 8.07 billion as NPA. BNPL has acquired around 72.65 per cent stake in the company and has paid a total of Rs 364 billion.
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