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The Silicon Review Asia

Bank of India to Sale Non-core Assets; aims to raise Rs. 400-500 crore

Bank of India to Sale Non-core Assets; aims to raise Rs. 400-500 crore

Bank of India (BOI) is ready to sell some of its non-core assets by this month. The company is looking to raise at least Rs 400-500 crore from the selling, people familiar with the matter stated.

The selling could be carried out on the stakes of some no-core assets which also STCI Finance, Sidbi, and Star Union Dai-ichi Life Insurance.  Dinabandhu Mohapatra, CEO of BOI stated that the process to sell the non-core assets has started and the bank has requested for proposals. With that, the lender is also looking at the offer it has received.

“It will take some time. We are very hopeful of one transaction will be completed by March-end. We may be able to raise around Rs 400-500 crore,”Mr. Mohapatra was quoted as saying by ET.

But, Mr. Mohapatra did not reveal about the name of the asset the bank is hopeful to sell by this fiscal-end

The Press Trust of India earlier reported on the news and revealed that BOI was expecting to raise around Rs 1,000-1,200 crore from the selling of its full stake in the insurance company. The other partners of BOI are UBI.

Earlier, BOI also intended to raise about Rs. 800 crore by a vending stake in Sidbi and STCI Finance. The bank holds2.84 %in Sidbi and 29.96% stake in STCI Finance.

The new move by BOI will boost their entire operations.

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