NEW DELHI (Reuters) – India’s fraud-hit Punjab National Bank (PNBK.NS) is considering monetizing its real estate assets, including a giant office space in New Delhi worth an estimated 50 billion rupees ($778.63 million), a bank source with direct knowledge of the matter told Reuters.
The bank was looking to expedite the process after it said this week it has been hit with a $1.77 billion loan fraud, the biggest bank scam in the country’s history.
Morgan Stanley estimated on Thursday if PNB had to assume all the liability from the fraud it would need 80 billion rupees ($1.25 billion) in additional capital, which at the stock’s current valuation would mean a 14 percent dilution.
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