Economy

PNB in talks with tax department to sell old headquarters for Rs 1k crore, says report

Updated : August 23, 2018 08:36 AM IST

The bank has already started the process to sell its erstwhile headquarters in South Delhi for Rs 800 to Rs 1,000 crore: report

PNB is recovering from the Rs 14,000 crore fraud allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi.

Punjab National Bank (PNB) is in talks with the direct and indirect tax wings of the revenue department to sell its erstwhile headquarters in South Delhi for Rs 800 to Rs 1,000 crore, reported The Times of India.

The bank has already started the process of sale and has opted against a transaction involving the private sector to avoid controversy, the report said citing unidentified sources.

PNB, which is recovering from Rs 14,000 crore fraud allegedly committed by diamantaire Nirav Modi and his uncle Mehul Choksi, recently sold a property in central Delhi to financial institution Sidbi for Rs 47 crore.

The report added that the bank is also looking for buyers for its 32.8 percent stake sale in PNB Housing Finance as well as a small portion of its holding in its insurance wing, PNB Metlife.

PNB in talks with tax department to sell old headquarters for Rs 1k crore, says report

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