 "PNB, punjab national bank")
State-owned Punjab National Bank on Tuesday said it has sold its entire 21 per cent stake in India SME Asset Reconstruction Company Limited (ISARC) for Rs 34 crore.
In March, the Reserve Bank of India had granted approval for change in sponsor of the asset reconstruction company and equity raise from Authum Investment and Infrastructure Ltd, PNB said in a regulatory filing.
The bank has completed the sale of a 20.90 per cent stake on Tuesday, it said.
It sold 2.09 crore shares of the asset reconstruction company for Rs 16.29 per share, aggregating Rs 34.04 crore.
The bank had entered into a definitive agreement to sell its entire stake in ISARC in May.
For the financial year ended March 31, 2025, ISARC had earned a net profit of Rs 19.79 crore with a total income of Rs 36.4 crore.
Prior to stake sale, ISARC was sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.
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