 "Bank of India to raise up to Rs 626 cr via STCI Finance stake sale")
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.
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.
Also Read
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.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%