Canara Bank, on Tuesday, said that it will liquidise assets that are non-core by selling stakes in three subsidiary organizations. The bank wishes to increase their capital base by doing so.
The bank, according to a filing, has chosen to monetize non-center assets by offering its shares to Canara Robeco Asset Management Co., Can Fin Homes and Canbank Computer Services.
This will be done with a view to enlarge assets and to enhance the capital base of the bank for advance business development.
The governing body of the bank had allowed it to strip stake either partially or in full in the three residential backups/partners.
The bank did not reveal how much cash it intends to raise from offering its share in the three organizations.