Union Bank of India (BSE:532477), Bank of India Limited (BSE:532149) and Indian Bank (BSE:532814) have jointly invited bids to sell up to 8,84,99,900 equity shares, constituting up to 90.31% of the total equity share capital of ASREC (India). Interested bidders have to submit their expressions of interest by July 30. It may be extended from time to time, the notice said.

SBI Capital Markets Limited has been appointed as an advisor for the proposed stake sale. The lenders have set qualification criteria for potential investors, such as they should have net worth of not less than INR 1 billion or assets under management of not less than INR 5 billion.