MUMBAI (Reuters) – State bank Canara said on Wednesday it is organizing an auction of 2,000 of its borrowed properties on Friday. An official statement said that the properties that include apartments, apartments, detached houses, industrial lands, commercial complexes, office spaces and vacant spaces will be sold through an electronic auction under the provisions of the Sarafassi law.
Usually the bank acquires property which is kept as security while borrowing in case of default. Under the exchange law, the bank has the ability to redeem its shares through the sale of securities
The property to be auctioned is spread in cities including Delhi, Mumbai, Calcutta, Bengaluru and Chennai, as well as other semi-urban areas, the statement said.
The statement stated that the bank has so far sold 1,450 properties worth Rs. 886 crore during the current fiscal year under the provisions of the same law.
He said that bidders can participate from anywhere and can contact the nearest branch of the bank to obtain additional information about a property offered for sale, adding that the highest bid will be held by the property.