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Govt Banks pick up stake in IDRCL
February 21, 2022
State Bank of India (SBI), Bank of Baroda (BoB), Punjab National Bank (PNB), Union Bank of India (UBI), Canara Bank, and Bank of Maharashtra (BoM) on Friday announced subscription to the shares of India Debt Resolution Company Ltd (IDRCL).
According to the Union Budget 2022 declaration, a National Asset Reconstruction Company Ltd (NARCL) and an Asset Management Company (IDRCL) have been set up by lenders (public sector and private sector banks and financial institutions) to unite and assume control over the existing stressed debt in the banking/financial framework and afterward manage and dispose of the assets for Alternate Investment Funds and other expected investors for eventual value realization.
The NARCL will obtain resources by making a proposal to the lead bank. When NARCL’s proposition is acknowledged, IDRCL will be locked in for administration and worth expansion.
SBI said it has bought into 99,000 shares of ₹10 everyone of IDRCL. “Investment of value stake of 12.30 percent by SBI to be reduced to 5 percent by March 31, 2022,” the public sector bank (PSB) said in a stock exchange notice.
Weave said it has bought into 99,000 shares of ₹10 everyone of IDRCL. “Investment of value stake of 12.30 percent by Bank of Baroda to be reduced to 9.90 percent by March 31, 2022,” the PSB said in a stock exchange notice.
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