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Punjab National Bank Mulls Monetising Some Fixed Assets for Rs 500 Crore by March-end

The bank is planning to monetise some of its fixed assets, sources said, adding the state-run lender has large number of properties which are lying vacant.

PTI

Updated:February 16, 2018, 8:16 PM IST
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Punjab National Bank Mulls Monetising Some Fixed Assets for Rs 500 Crore by March-end
Representative image. (Reuters)
New Delhi: Scam-hit Punjab National Bank is considering to expedite sale of some of its fixed assets, including few office buildings not in use presently, for about Rs 500 crore by March-end, sources said.

The bank is planning to monetise some of its fixed assets, sources said, adding the state-run lender has large number of properties which are lying vacant.

"If the bank is able to get the right price, the monetisation could happen by March-end itself," they added.

During the fiscal, the bank has monetised 5.9 per cent stake in PNB Housing Finance for Rs 1,321 crore.

It also exited the asset management business PNB Principal and earned Rs 125 crore.

The country's second largest bank has earned about Rs 1,450 crore through stake sale in these two companies.

Last week, PNB had detected a USD 1.77 billion (about Rs 11,400 crore) scam where billionaire jeweller Nirav Modi allegedly acquired fraudulent letters of undertaking from a branch in Mumbai to secure overseas credit from other Indian lenders.

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| Edited by: Huma Tabassum
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