PNB discussing with three government agencies to monetise Delhi headquarters as part of recovery from big scam

Last Updated: Thu, Aug 09, 2018 20:06 hrs
Punjab National Bank

New Delhi: State-run Punjab National Bank (PNB) on Wednesday said it was holding talks with government departments, majorly income tax and central excise department to sell its erstwhile headquarters.

The building is located at Bhikaji Cama Place in New Delhi.

The Bank's managing director and chief executive officer, Sunil Mehta, said the bank was going for the second round of valuation of the south Delhi property due to high demand. "Now we are negotiating for better valuations because we are finding good interest in it," Mehta said.

The bank had done an evaluation of this property 6 months ago, but the property demand had escalated in the past and hence the bank is seeking a revaluation.

The bank had sold it's Delhi Head office in the national capital region and was expecting a price of Rs 7-8

The bank seems to be going with hammer and tongs in meeting with a monetisation target of Rs 86 billion. It plans to sell most of its non-core assets in FY19.

It sold it's stake in Icra, Crisil and BSE, raising a collective Rs 1.67 billion in June.

It is also looking at selling it's stake in PNB Housing Finance, that it co-owns with Caryle Group. The bank will also be diluting it's 4% stake in PNB Metlife Insurance.

The bank's representative offices in Sydney, Dhaka, Dubai and Shanghai are also expected to be closed soon. There is no clarity on how much the bank will be able to regain by closing it's foreign assets though.

With agency inputs

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