28 Aug , 2021 By : Kanchan Joshi
Public sector lender IDBI Bank has said said that it will offload its entire 19.18 per cent stake in Asset Reconstruction Company (India) Limited (ARCIL). The proposal was approved by the bank's board on Friday, it said in a regulatory filing on Friday.
“The Board of Directors of IDBI Bank Ltd., at its meeting held on Friday, August 27, 2021, 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 had invited bids from interested parties in June this year for the takeover of its stake in the asset reconstruction company.
ARCIL was incorporated in 2002 as a non-banking finance company. It is owned by State Bank of India (SBI), IDBI Bank, ICICI Bank and Punjab National Bank (PNB), besides strategic foreign investors such as Avenue Indian Resurgence Pte Ltd. The asset reconstruction company offers non-performing asset (NPA) resolution services to banks and financial institutions.
Since its inception, ARCIL has resolved over Rs78,000 crore worth of non-performing assets acquired from domestic banks and financial institutions, as per its website.
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