Non-core asset sales: Four PSBs seek to raise at least Rs 100 crore

IDBI Bank also invited bids for its stake in 17 companies, including Haldia Petrochemicals, OCM and TN Industrial Explosives, without specifying floor prices for the sale. Bids must be submitted by October 11.

Four public sector banks (PSBs) on Wednesday put on sale their stakes in various companies to collectively raise at least Rs 100 crore, days ahead of the close of the September quarter.

In a public notice, PNB Investment Services (PNBISL) invited bids for Punjab National Bank’s (PNB) 3 per cent share in Experian Credit Information Company of India as well as Indian Bank’s 2.14 per cent share in the same company. With the floor price set at Rs 70 per share, PNB’s stake in Experian will raise at least Rs 29.4 crore for the bank, while Indian Bank would raise a minimum of Rs 21 crore. The last date for submission of bids is September 28. Canara Bank sought bids for its stakes in 73 different companies. “The bids shall be accepted and evaluated based on Swiss challenge method,” the bank said in a bid document. Canara Bank did not specify the size of its stakes in each of these companies or the floor prices for the sale. The process of bidding, evaluation and completion of sale will be carried out between October 10 and November 5.

IDBI Bank also invited bids for its stake in 17 companies, including Haldia Petrochemicals, OCM and TN Industrial Explosives, without specifying floor prices for the sale. Bids must be submitted by October 11. —FE