Public-sector bank, Central Bank of India is likely to miss its target to sell its 8.34% stake in unlisted Infrastructure Leasing & Financial Services (IL&FS) before the end of March 2014, because IL&FS' complex structure is making it difficult for bankers to find a buyer who offers the right price. However, the bank is expecting that the proposed IL&FS stake sale may fetch it around $500 million or about Rs 3,100 crore.
IL&FS is registered as a core investment company with the Reserve Bank of India. The company has assets of over Rs 46,000 crore. At present, Life Insurance Corporation (LIC) is the largest shareholder of IL&FS with a 25.34% stake, followed by Japan-based Orix Corp at over 23% and IL&FS Employee Welfare Trust, which has an about 14% ownership.
Central Bank of India has been serving more than 3,50,00,000 account holders through its 4,400 branches, 6 extension counters, 29 Satellite offices, 1,970 ATMs and 2,413 ultra small branches (USBs).
Company Name | CMP |
---|---|
SBI | 835.85 |
Canara Bank | 121.45 |
PNB | 126.70 |
Bank Of Baroda | 276.15 |
Union Bank Of India | 149.95 |
View more.. |