Bank of India is seeking new bids for a stake in STCI Finance Ltd. as previous bids were below expectations, Business Standard reported Dec. 17.

The bank holds 11.38 million shares, or a 29.96% stake, in STCI Finance. The bank is looking to raise up to 6.26 billion Indian rupees by selling part or all of its stake in the nonbanking finance company. The bank is also planning to raise capital by selling equity but a definite timeline has not been decided, bank executives said.

Bank of India had begun the process of selling its stake in STCI Finance in August.

As of Dec. 15, US$1 was equivalent to 64.09 Indian rupees.