Business

Indian Bank okays divesting stake in ASREC

The board of public sector lender Indian Bank, on Friday, gave in-principle approval for either a partial or full disinvestment of its stake in ASREC India Ltd.

“Today, the board met and gave its in-principle approval either for full or partial disinvestment of stake in ASREC as part of its move to monetise non-core assets,” a top bank official said. “The quantum of disinvestment will be decided at a later date depending upon the returns,” the official added. Indian Bank’s stake rose to 38.26% after its merger with the ertswhile Allahabad Bank in the joint venture.

ASREC India Ltd. is a public limited company formed to carry out activities under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002. The company acquires non-performing assets from the banks or financial institutions at mutually agreed prices with the objective to maximise the returns through innovative resolutions strategies.

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Printable version | Apr 13, 2021 11:23:14 AM | https://www.thehindu.com/business/indian-bank-okays-divesting-stake-in-asrec/article34000015.ece

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