You are here: Home » Finance » News » Banks

IFCI to sell entire stake in ACRE to Axis Bank

Shares of IFCI were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE

State-owned term lender will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (IFCI) to for Rs 22.72 crore.

"has signed a share purchase agreement with for divesting its entire stake in (13.67 per cent)...Resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.

In January this year, had informed about its decision for disinvestment of entire stake of the company in ACRE.

helps and financial institutions clean up their books through acquisition of non-performing financial assets.

Shares of were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE.

image
Business Standard
177 22
Business Standard

IFCI to sell entire stake in ACRE to Axis Bank

Shares of IFCI were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE

Press Trust of India  |  New Delhi 

An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai
An employee speaks on his mobile phone as he walks inside Axis Bank's corporate headquarters in Mumbai

State-owned term lender will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (IFCI) to for Rs 22.72 crore.

"has signed a share purchase agreement with for divesting its entire stake in (13.67 per cent)...Resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.

In January this year, had informed about its decision for disinvestment of entire stake of the company in ACRE.

helps and financial institutions clean up their books through acquisition of non-performing financial assets.

Shares of were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE.

RECOMMENDED FOR YOU

IFCI to sell entire stake in ACRE to Axis Bank

Shares of IFCI were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE

Shares of IFCI were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE
State-owned term lender will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (IFCI) to for Rs 22.72 crore.

"has signed a share purchase agreement with for divesting its entire stake in (13.67 per cent)...Resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.

In January this year, had informed about its decision for disinvestment of entire stake of the company in ACRE.

helps and financial institutions clean up their books through acquisition of non-performing financial assets.

Shares of were trading 1.96 per cent higher at Rs 28.60 apiece from their previous close on the BSE.
image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard