A consortium of lenders led by IDBI Bank on September 6, 2021 sought expressions of interest for acquiring its INR 8.04 billion exposure in a road asset developed by IVRCL Limited (BSE:530773). The banks wish to sell Ivrcl Chengapalli Tollways Limited (ICTL) to asset reconstruction companies or other financial institutions in line with regulatory guidelines. IVRCL was among the companies named by the Reserve Bank of India (RBI) in 2017 in its second list of bad assets to be resolved under the insolvency code. The company has since gone into liquidation. The road asset is being offered at a reserve price of INR 5 billion in an all-cash deal, implying a maximum haircut of 38%. The consortium has sanctioned loans worth INR 8.62 billion to the asset. The other lenders in the consortium are Karur Vysya Bank, Union Bank of India, State Bank of India and Bank of Baroda. Bidders interested in buying the asset will have to send in expressions of interest (EoIs) by September 9, 2021 and the last date for submission of bids is September 27, 2021. Thereafter, there will be an inter-se bidding among the top three bidders on September 28, 2021. "Once the deal is finalised, the assignment deed and other legal formalities will be completed in the shortest possible time as mutually agreed upon," IDBI Bank said in a notice.