Indian Overseas Bank has taken off 14 non-performing accounts from the market, including loans to Koutons Retail India Ltd., a senior bank official told Cogencis. Indian Overseas Bank placed a tender for sale of these stressed loans on its website on March 7, 2013, and invited interested parties to conduct due diligence between March 11, 2013 and March 16, 2013. The last date for bid submission was March 22, 2013. "I cannot say what the bids were or why we did not sell it, but yes, we scrapped the move to sell these non-performing assets," the official said. According to the tender document, Indian Overseas Bank had wanted to complete the sale in the financial year that ended on March 31, 2013. Shares price of Indian Overseas Bank were up 0.92% at INR 65.50 and shares price of Koutons Retail were up 4.35% at INR 6.

Koutons Retail India Ltd., Board Meeting, Apr 03, 2013., at 16:00 Indian Standard Time. Agenda: To discuss and decide the proposal to acquire a foreign company through issue of Global Depository Receipts on a back to back basis in lieu of cash consideration upto USD 200 Million.

Koutons Retail India Ltd. intends to acquire a foreign company. The company informed BSE that the Company is considering a proposal to acquire a foreign Company through issue of Global Depository Receipts (GDRs) on a back to back basis in lieu of cash consideration up to $200 million. The company will hold a Board meeting on April 03, 2013 to discuss and decide on the acquisition and issue of GDRs in lieu of consideration. The Shareholders of the company had approved the issue of GDRs up to $200 million at the extra-ordinary general meeting held on October 01, 2012.