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Bank of India mulls divesting stakes in noncore subsidiaries

Bank of India is exploring the possibility of divesting its stakes in noncore subsidiaries to unlock capital and help cut losses, the Press Trust of India reported June 4.

The bank has sold stakes in some of its subsidiaries and is considering selling more stakes in noncore subsidiaries, said N. Damodaran, the bank's executive director.

The bank had reported a net loss of 15.58 billion rupees for the fiscal year ended March 31, compared with a net loss of 60.89 billion rupees in the prior-year period.

As of June 2, US$1 was equivalent to 64.26 Indian rupees.