Bank of Baroda, Canara Bank announce subscription to IDRCL shares
By
, ET Bureau
Synopsis
IDRCL is an asset management company set up by the government with an authorized capital of Rs 50 crore. It will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans. IDRCL will provide management and resolution of assets acquired by NARCL.
AgenciesCanara Bank has picked up 14.9 per cent in India Debt Resolution Company Limited (IDRCL) while Bank of Baroda bought 12.3 per cent in it.
IDRCL is an asset management company set up by the government with an authorized capital of Rs 50 crore. It will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans. IDRCL will provide management and resolution of assets acquired by NARCL.
Public sector lenders will hold 49 per cent in IDRCL while private sector lenders will hold 51 per cent.
Canara Bank has subscribed to 1.2 lakh equity shares of Rs 10 and BoB has subscribed to 99,000 equity shares at par. Canara Bank’s stake in IDRCL will be reduced to 5 per cent by the end of the current fiscal while BoB’s stake will be reduced to 9.9 per cent, according to regulatory filings by these lenders.
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Bank of Baroda, Canara Bank announce subscription to IDRCL sharesBy , ET BureauLast Updated: Feb 18, 2022, 06:39 PM ISTSynopsisIDRCL is an asset management company set up by the government with an authorized capital of Rs 50 crore. It will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans. IDRCL will provide management and resolution of assets acquired by NARCL.AgenciesPublic sector lenders will hold 49 per cent in IDRCL while private sector lenders will hold 51 per cent.Canara Bank has picked up 14.9 per cent in India Debt Resolution Company Limited (IDRCL) while Bank of Baroda bought 12.3 per cent in it. IDRCL is an asset management company set up by the government with an authorized capital of Rs 50 crore. It will work in tandem with the National Asset Reconstruction Company Ltd (NARCL) to clean up the banking sector’s bad loans. IDRCL will provide management and resolution of assets acquired by NARCL. Public sector lenders will hold 49 per cent in IDRCL while private sector lenders will hold 51 per cent. Canara Bank has subscribed to 1.2 lakh equity shares of Rs 10 and BoB has subscribed to 99,000 equity shares at par. Canara Bank’s stake in IDRCL will be reduced to 5 per cent by the end of the current fiscal while BoB’s stake will be reduced to 9.9 per cent, according to regulatory filings by these lenders. (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)Download The Economic Times News App to get Daily Market Updates & Live Business News….morelessETPrime stories of the day