BoI to pare stake in STCI Fi­nance

India Business Journal - - NEWS ROUND-UP -

Bank of In­dia (BoI) is plan­ning to sell its par­tial or en­tire stake in STCI Fi­nance. The pro­posed sale is a part of its strat­egy to un­lock the value of its in­vest­ments in sub­sidiaries, as­so­ciates and joint ven­tures. The public sec­tor bank holds 1,13,83,781 eq­uity shares, rep­re­sent­ing 29.96 per cent stake in STCI. STCI is a

sys­tem­i­cally-im­por­tant, non­de­posit-tak­ing, non-bank­ing fi­nance company (NBFC),

pro­vid­ing loans against shares, cor­po­rate loans against prop­er­ties, con­struc­tion fi­nance and cor­po­rate loans. The NBFC has two wholly-owned sub­sidiaries, STCI Pri­mary Dealer and STCI Com­modi­ties.

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