Punjab National Bank on Tuesday said it has entered into an agreement to sell its entire stake in India SME Asset Reconstruction Co. Ltd. for Rs 34.04 crore. The bank said the Reserve Bank of India in March had granted approval for change in sponsor of the asset reconstruction company and equity raise from M/s Authum Investment and Infrastructure Ltd.
"The bank has entered into a definitive agreement...today, i.e. 13.05.2025, to sell its entire stake in M/s India SME Asset Reconstruction Co. Ltd., an associate company of the bank," PNB said in a regulatory filing.
PNB will sell 2.09 crore shares at Rs 16.29 per share, resulting in a sale consideration of over Rs 34.04 crore.
The stake sale is expected to be completed by the end of the June quarter.
ISARC is sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.
Shares of PNB settled at Rs 97.65 apiece, up 1.93% over the previous close on the BSE.
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