State-owned Bank of India looks to raise up to Rs 626 crore through sale of its stake -- fully or partly -- in non-banking finance company STCI Finance Ltd (STCIFL).
Bank of India (BoI) holds 1,13,83,781 shares in STCIFL, representing 29.96 per cent stake.
"BOI is proposing to sell its partial/entire stake in STCIFL to unlock its value of its investment by floating this request for proposal (RFP)... The indicative minimum price per share of STCIFL is Rs 550," BoI said.
The bank has called a pre-bid meeting on August 14 and the final bids are to be sent in by 3 pm on August 22. STCIFL is a systematically important non-deposit taking non-banking finance company (NBFC).
The company provides loans against shares, construction finance and corporate loans.
The scrip traded 0.22 per cent down at Rs 157.90 on the BSE.