As part of its strategy to unlock assets to raise capital, the Bank has identified 32 properties for sale including prime properties in Singapore and Hong Kong aggregating in value to Rs 900 crore.
Chennai:
The Bank has already initiated the process for sales of the remaining 26 properties valued at about Rs 775 crore and is engaging various stakeholders for expediting sale and to derive maximum value in the process.
The Bank has also initiated the process of unlocking value from non-core investments valued at Rs 72 crore to augment the capital. It may be recalled that the Bank had added to its capital funds to the extent of around Rs 261 crores by issue of equity shares to employees under ESPS in Q4 of 2018-19. The Bank plans to raise about Rs. 850 crore this fiscal from sale of non-core assets including properties and investments.
The Bank is currently exploring its options for stake sales in joint venture / other entities to augment resources which could help raise over Rs 445 crore.
K Swaminathan, ED, said “The Bank with various initiatives has turned around and the capital augmentation through these traditional ways will facilitate it to achieve the targeted Profit in FY 20.” During 2018-19, the Bank has sold 6 properties ie 1 domestic and 5 overseas properties for a value aggregating Rs 129 crore which has helped in accretion to capital.
The Bank has already initiated the process for sales of the remaining 26 properties valued at about Rs 775 crore and is engaging various stakeholders for expediting sale and to derive maximum value in the process.
The Bank has also initiated the process of unlocking value from non-core investments valued at Rs 72 crore to augment the capital. It may be recalled that the Bank had added to its capital funds to the extent of around Rs 261 crores by issue of equity shares to employees under ESPS in Q4 of 2018-19. The Bank plans to raise about Rs. 850 crore this fiscal from sale of non-core assets including properties and investments.
The Bank is currently exploring its options for stake sales in joint venture / other entities to augment resources which could help raise over Rs 445 crore.