Bank of India plans to divest up to a 29.96% stake in nonbanking financial company STCI Finance Ltd.

The bank is seeking bids and has set an indicative minimum price of 550 rupees per share for the stake sale, according to a request for proposal issued Aug. 7.

Bank of India owns 11,383,781 equity shares in STCI Finance and plans to divest a partial stake or its entire stake in the company.

Interested investors have until 3:00 p.m. India time on Aug. 22 to submit bids.

As of Aug. 7, US$1 was equivalent to 63.84 Indian rupees.