M&A

M&A

IDBI Bank board okays divesting entire 19% stake in ARCIL

Economic Times  

IDBI Bank is to divest its entire stake of over 19% in Asset Reconstruction Company (India) Ltd (ARCIL). 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 % of the total equity share capital of ARCIL. Incorporated in 2002, ARCIL is owned by SBI, IDBI, ICICI and PNB, besides strategic foreign investors such as Avenue Indian Resurgence Pte Ltd. ARCIL has resolved over INR 78,000 crore worth of non-performing assets acquired from domestic banks and financial institutions.