Union Bank gets sole counter bid for Jaypee Health

Union Bank of India's Swiss Challenge auction on July 5 for five troubled accounts has attracted counter bids for only Jaypee Healthcare.

- SUBRATA PANDA

Delhibased Shine Star Build-Cap emerged as the highest bidder to acquire the public sector lender's non-performing debt in the company with a bid of ₹72 crore, while Suraksha Asset Reconstruction came in second with a bid of ₹65 crore.

Previously, JC Flowers Asset Reconstruction had submitted a binding bid of ₹61.8 crore for the stressed asset during an e-auction held on June 27.

Union Bank of India has given JC Flowers time until July 11 to match the highest bid, failing which Shine Star will be declared the successful bidder for Jaypee Healthcare. If JC Flowers matches Shine Star's bid, it will be declared a successful bidder.