Central Bank of India wishes to engage a merchant banker to advise it on and to manage the proposed partial/ complete disinvestment of its stake in IL&FS. The bank is intending to sell its stake through a competitve bidding process and the selected merchant banker would advise the bank on the transaction and the management of the disinvestment process. The bank has 8.34% stake IL&FS and the sale is with a view to unlock the value of its strategic investments mainly to help it shore up capital in the face of rising bad loans and ahead of stricter provisioning norms. The sale is envisaged to be completed in all respects including receipt of money by the bank and transfer of shares to demat account of the buyer latest by 31 December 2014.
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