The board of directors of Chennai-based public sector lender Indian Bank on Friday accorded in-principle approval for the partial or full disinvestment of the bank’s stake in ASREC (India) Ltd.
The bank holds a 38.26% stake in ASREC (India) and the decision to divest stake is part of monetisation of the bank’s non- core assets.
Apart from Indian Bank, LIC of India, Bank of India, Union Bank of India and Deutsche Bank are the other shareholders in the company.
ASREC (India), a public limited company incorporated under the Companies Act 1956 has been granted certificate of registration by the Reserve Bank of India on October 11, 2004 to carry out activities under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002.
The company acquires non-performing assets (NPAs) from banks and financial institutions at mutually agreed prices with the objective is to maximise the returns through innovative resolutions strategies.
ASREC positions itself as the multi-lender ARC in the public sector, aiming to earn the confidence of the financial system in the effective resolution of NPAs by operating in transparent manner with flexibility of the private sector.
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