 "IDBI Bank board approves divesting entire 19% stake in ARCIL")
IDBI Bank on Friday said its board has okayed a proposal to divest its entire stake of over 19 per cent in ARCIL.
The decision was taken at a meeting of the board of directors on Friday.
The board has approved the proposal for sale of IDBI Bank's entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing.
In June this year, IDBI Bank had invited bids from interested parties for the takeover of its stake in the asset reconstruction company.
Incorporated in 2002, ARCIL is owned by SBI, IDBI, ICICI and PNB, besides strategic foreign investors such as Avenue Indian Resurgence Pte Ltd.
Since its inception, ARCIL has resolved over Rs 78,000 crore worth of non-performing assets acquired from domestic banks and financial institutions, as per its website.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app