Indian Overseas Bank is planning to raise about Rs 850 crore during the current financial year (FY20) through sale of non-core assets, to augment capital. The bank is currently exploring its options for stake sale in joint ventures to augment resources which could help raise over Rs 445 crore.
As part of the strategy to unlock assets to raise capital, the bank has identified 32 properties for sale including prime properties in Singapore and Hongkong aggregating to Rs 900 crore.
Indian Overseas Bank is a pioneer in many fields - Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.
