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Bank of India (BoI) is planning to sell its stake in three of its associate companies --- STCI Finance Ltd, Small Industries Development Bank of India (SIDBI) and Equifax Credit Information Services Pvt Ltd (ECIS) -- as part of its strategy to monetise non-core assets. The public sector bank is seeking to raise at least Rs 1,010 crore through this stake sale.
BoI is proposing to sell 113,83,781 equity shares of face value of Rs 100 each of STCI comprising 29.96 per cent of the total paid-up equity share capital of the non-banking finance company with a floor price of Rs 510 per share. It intends to raise at least Rs 581 crore through this stake sale. STCI was established in 1994. The NBFC has a wholly-owned subsidiary, STCI, a primary dealer set up in 2007.
The public sector bank also proposes to sell 151,00,000 equity shares of face value of Rs 10 each of SIDBI, comprising 2.84 per cent of the total paid-up equity share capital of SIDBI with a floor price of Rs 273 per share. The bank will be raising at least Rs 412 crore through this disinvestment.
SIDBI was set up in 1990 under an Act of Parliament as the principal financial institution to promote, finance and develop the micro, small and medium enterprise sector, as well as for co-ordination of the functions of institutions engaged in similar activities.
BoI is planning to sell 47,25,000 equity shares of face value of Rs 10 each of ECIS comprising 3.50 per cent of the total paid-up equity share capital of EClS, with a floor price of Rs 37 per share. It will be mopping up at least Rs 17.50 crore from this stake sale.
Equifax is a global information solutions company that uses data, analytics, technology and industry expertise to power organisations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions.
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