ING Vysya has sold its stake in Bharat Overseas Bank. ING Vysya Bank held 23.1 lakh shares, representing a 14.6 per cent in the bank. The deal was struck at Rs155 a share, fetching ING Vysya Bank Rs36 crore, reports CNBC-TV18.

The buyer is likely to be Indian Overseas Bank, which already holds 30 per cent in Bharat Overseas Bank. Other banks that hold a stake in Bharat Overseas Bank include Bank of Rajasthan with 16 per cent, Federal Bank with over 10 per cent, Karur Vysya Bank and South Indian Bank with 10 per cent each, and Karnataka Bank with nearly 9 per cent.

Earlier this year, IOB entered into an agreement with these six banks to buy out their stakes for Rs155 a share; that's Rs170 crore to take over its operations. After the stake sale, Bharat Overseas Bank would be a wholly owned subsidiary of IOB initially.

With this synergy, IOB would get 102 BhOB branches, which would be of strategic importance to IOB. IOB is also eyeing BhOB's operations in Bangkok.

The total assets of IOB stand at Rs50,815 crore versus Rs3,214.4 crore of BhOB. The net NPA of IOB stands at 0.48 per cent versus 1.87 per cent of BhOB. The Capital Adequacy Ratio of IOB is at 13.37 per cent versus 11.24 per cent of BhOB.