 "Indian Bank to monetise non-core assets, divest stake in ASREC (India)")
Public sector lender Indian Bank is planning to divest its stake in ASREC (India) Ltd, an asset reconstruction company. The bank said that this is part of its plan to monetise its non-core assets.
The Board of Directors of the bank gave in-principal approval for partial/full disinvestment of the lender's stake in its joint venture ASREC (India) Ltd. Indian Bank holds 38.26 per cent stake in ASREC (India).
ASERC acquires non-performing assets (NPAs) from banks and financial institutions at mutually agreed prices with the objective of maximising returns through innovative resolution strategies.
The company positions itself as the multi lender ARC in the public sector aiming to earn the confidence of the financial system in the effective resolution of NPAs by operating in transparent manner with flexibility of the private sector.
The other shareholders in the company include, Bank of India, Union Bank of India and LIC.
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