IOB to raise Rs 850 cr selling non-core assets and investments this fiscal

The Bank is currently exploring stake sales in joint venture and other entities to help it raise over Rs 445 crore

Indian Overseas Bank (IOB) has announced plans to raise about Rs 850 crore this fiscal from the sale of non-core assets, including properties and investments. The lender is currently exploring stake sales in joint venture and other entities to augment resources and help it raise over Rs 445 crore.

K Swaminathan, executive director said, "The bank has, with various initiatives, turned around and the Capital Augmentation through these traditional ways will help it achieve the targeted profit in FY20."

As part of its strategy to unlock assets to raise capital, the lender has identified 32 properties for sale, including prime ones in