The public sector bank, Indian Overseas Bank raised nearly INR 850 Crore by selling its non-core assets. The assets have been sold to augment capital in the present financial year.
In a statement to BSE, the public sector bank said it decides to raise the money by selling investments and properties, as reported by the Indian daily news, The Economic Times.
The bank is currently exploring its options for stake sale in joint ventures to augment resources which could help raise over INR 445 crore, Indian Overseas Bank said.
The bank was ascertaining for all possibilities to perk up its capital position, the notification stated, and additionally, it was vigorously following monetisation of its non-core assets.
In order to unchain non-core assets to raise money, India Overseas Bank has picked out 32 properties for sale encompassing properties in Hong Kong and Singapore, amounting to INR 900 crore.
In 2018-19, the bank said that it has sold off majorly six properties amounting INR 129 crore.
"The Bank has already initiated the process for sales of 26 properties, valued at about INR 775 crore, and is engaging various stakeholders for expediting the sale and to derive maximum value in the process," Indian Overseas Bank told the Indian daily news, The Economic Times.