Dena Bank scouts for property consultants to sell Rs 450-cr assets

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Mumbai | Published: August 7, 2018 3:16:14 AM

Dena Bank’s move to sell its immovable assets is one of a series of sales of non-core assets by public-sector banks to beef up their capital position.

Dena Bank’s move to sell its immovable assets is one of a series of sales of non-core assets by public-sector banks (PSBs) to beef up their capital position.

Mid-sized public sector lender Dena Bank is looking for property consultants to help sell its real estate assets in Mumbai and Hyderabad, valued between Rs 400 crore and Rs 450 crore, according to a
public notice.

“Dena Bank has decided to sell selective immovable properties (commercial and residential) situated in Mumbai and Hyderabad with cumulative market value of approximately Rs 400 to Rs 450 crore,” Dena Bank said in the notice on Monday.

The last date for the submission of bids is August 29.

The consultant will be tasked with undertaking review, feasibility, strategic studies and advising the bank on potential sale of properties, issuance of advertisements, marketing exercises, identification of prospective buyers, site inspections and all legal matters related to the sale of the properties.

Dena Bank’s move to sell its immovable assets is one of a series of sales of non-core assets by public-sector banks (PSBs) to beef up their capital position. The lender is one of the 11 PSBs under the Reserve Bank of India’s (RBI) prompt corrective action (PCA) framework and it has been barred from issuing fresh loans.

Earlier this year, it sought bids for its stakes in NSDL e-Governance Infrastructure, National Securities Depository (NSDL) and Small Industries Development Bank of India (Sidbi) to raise Rs 235 crore.

In recent months, other banks under PCA have also resorted to non-core asset sales to boost their non-interest income. In March, Central Bank of India put on the block a 3.11% stake in JM Financial Asset Reconstruction Company. IDBI Bank has moved to sell its entire 30% stake in NSDL e-governance infrastructure and a 7% stake in National Securities Depository. Bank of India has offloaded its entire 5% stake in credit bureau TransUnion Cibil through a sale of shares to US-based TransUnion International.

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