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Private sector lender ICICI Bank will acquire five per cent stake in National Asset Reconstruction Company Limited. “ICICI Bank has signed an agreement on March 10, 2022 for investment in the National Asset Reconstruction Company Limited (NARCL),” it said in a stock exchange filing on Friday.
The transaction is for a total cash consideration of up to ₹ 1,37.5 crore in tranches, it further said. Equity investment would be in tranches with the first tranche of equity investment of ₹70.45 crore expected to be completed by March 31, 2022, the bank said.
Finance Minister Nirmala Sitharaman had in Budget 2021-22 announced that an Asset Reconstruction Company Limited and Asset Management Company would be set up to consolidate and take over the existing stressed debt.
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