IDBI Bank (BSE:500116) on January 9, 2020 sought bids for land assets mortgaged by Videocon Industries (BSE:511389)and owned by its subsidiary Prosperous Energy Private Limited to recover more than INR 10,600 million owed to it by the parent entity. This is the bank's second attempt in over six months to sell seven plots of land in Rewa, Madhya Pradesh, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The aggregate area of the land parcels is 545 hectare and the reserve price has been set at INR 450 million.

The last date for putting in bids is February 10, 2020. The e-auction of the properties on sale will be conducted on February 11, 2020. The property is proposed to be sold on "as is where is basis", "as is what is basis", "whatever there is basis" and "no recourse basis".