IDBI has announced that it has divested its stake of more than 19% in ARCIL to Avenue India Resurgence Pte. The bank did not disclose the deal value.
"…IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18% of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing. With this, the LIC-controlled lender said it ceases to be a sponsor shareholder of ARCIL.
Stock of IDBI Bank closed 0.39% down at Rs 38.10 apiece on BSE on Wednesday.
