IPO for Vijaya Bank housing arm

Mumbai: Vijaya Bank is likely to take its housing finance subsidiary, Vijaya Bank Housing Finance, to an initial public offer in its bid to part-divest its stake in the firm. "However, we have not fixed a timeframe and are waiting for the market to stabilise," Vijaya Bank chairman R Gopalakrishnan said.

The bank, in the meantime, has not received any feelers from prospective bidders for part-stake in the housing finance arm, he said. Earlier, the bank had decided to sell a part of its stake in the housing finance arm because its non-performing assets were piling up.