Bank of India to seek new bids for STCI Finance stake

STCI Finance is one of BoI's non-core investments which it has decided to monetise for raising resources

Government-owned Bank of India (BoI) is seeking new bids for selling its stake in STCI Finance, as bids in the previous round were below its expectation. 

The Mumbai-based lender is selling strategic investments to strengthen its capital adequacy. In August, it began a process to raise up to Rs 626 crore through sale of its stake, fully or partly, in the non-banking finance company. BoI holds 11.38 million shares in STCI, representing 29.96 per cent stake. 

STCI is a non-deposit taking non-banking finance company. Other institutional investors in it include State Bank of India with 10.32 per cent and IDFC Bank with