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PSU banks looking to sell stake in asset reconstruction firm ASREC

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Banks have started looking for buyers for their stakes in asset reconstruction companies (ARCs) to free up capital for the launch of the National Asset Reconstruction Co Ltd (NARCL), the ‘bad bank' they will jointly own. Union Bank of India, Indian Bank and Bank of India jointly intend to sell up to 88.4 million shares, constituting up to 90.31% of the total equity share capital of ASREC (India) Ltd, a Mumbai-based ARC. SBI Caps has been mandated as the sell-side adviser for the transaction. Already, PNB and IDBI Bank have put for sale their 10.01% and 19.18% stakes, respectively, in Arcil.