Public sector lender Indian Overseas Bank (IOB) has said that it is planning to raise Rs 900 crore during current financial year though sale of non-core assets to augment capital.
As part of the strategy to unlock the assets to raise capital, the bank has identified 32 properties for sale including prime properties in Singapore and Hong Kong, aggregating Rs 900 crore, the bank said in statement.
IOB Executive Director K Swaminathan 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 FY2020”.
The bank said that during 2018-19, it has sold six properties aggregating Rs 129 crores.
“The Bank has already initiated the process for sales of 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 said.
The bank has also initiated the process of unlocking value from non-core investments valued at Rs 72 crore to augment capital.
