Union Bank of India offloads 8% stake held in India SME Asset Reconstruction Co.

Union Bank of India executed an agreement on 6 April 2022 for the sale of its 8% stake in India SME Asset Reconstruction Company in favour of Dhansamridhi Finance.

The stake sale is subject to obtaining requisite regulatory approvals. The announcement was made after market hours yesterday, 6 April 2022.

The scrip fell 0.11% to currently trade at Rs 43.70 on BSE. Bank of Baroda has a strong domestic presence spanning 8,185 branches and 11,535 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 96 overseas offices spanning 18 countries.

 

The state-run bank's net profit rose 107.05% to Rs 2,197.03 crore on 0.37% increase in total income to Rs 20,482.26 crore in Q3 December 2021 over Q3 December 2020. As of 31 December 2021, the Government of India held 83.49% stake in the bank.

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