Bank of Baroda looks to raise at least $74 mn by auctioning Dena Bank office
Photo Credit: VCCircle

State-run Bank of Baroda is looking to sell the eight-storeyed corporate office of Dena Bank, which it absorbed last year, as part of efforts to optimise resources and raise funds.

Bank of Baroda said in a notice on its website that it will auction the building, located in Mumbai's Bandra Kurla Complex, on October 18.

It has set the reserve price at Rs 530 crore ($74 million). The last date to submit the deposit money is October 11.

The sale follows the merger of Dena Bank and Vijaya Bank with Bank of Baroda, which is now trying to monetise real estate assets.

The corporate office was built in 2004 and has an area of over 1 lakh square feet, India's third-largest government-owned bank said. The building has conference rooms, auditorium, library and gymnasium, along with other facilities.

The Bandra Kurla Complex is one of the most prominent office locations in Mumbai, the country's financial capital.

It is particularly lucrative thanks to the presence of major financial institutions and banks as well as other large companies and government entities. Proximity to the city’s airport and two suburban rail networks are its other advantages.

In June, private equity firm Blackstone decided to buy 'One BKC' , a commercial real estate project of Sanjay Chhabaria's Radius Group in BKC business district, for Rs 2,500 crore.

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