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Allahabad Bank looks to raise Rs 500 crore via non-core asset sale

The bank had recently invited bids for the property, but did not receive any as the reserve price was on a higher side at around Rs 220 crore

Allahabad Bank
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Namrata Acharya Kolkata
Allahabad Bank expects to raise about Rs 500 crore from the sale of its non-core assets. These assets include the bank’s 28.52 per cent stake in Universal Sompo General Insurance, and about 12 properties across India. The bank has recently come out of the Prompt Corrective Action (PCA) framework.

According to S S Mallikarjuna Rao, managing director & chief executive officer (CEO) of Allahabad Bank, the lender expects to raise about Rs 200 crore from the sale of its property at Pedder Road in Mumbai. 

The bank had recently invited bids for the property, but did not receive any as the reserve

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