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ICICI Bank will acquire up to 15 per cent stake in India Debt Resolution Company, which has been set up to manage stressed assets.
“We wish to inform you that ICICI Bank has signed an agreement on March 28, 2022, for investment in India Debt Resolution Company Limited,” the private sector lender said in a stock exchange filing on Monday.
The investment would consist of a total cash consideration of upto ₹7.5 crore in multiple tranches to acquire up to 15 per cent equity holding in the company, it added.
The first tranche of equity investment of ₹3 crore by the bank is expected to be completed by March 31, 2022.
The bank had on March 10 signed an agreement to acquire 5 per cent stake in National Asset Reconstruction Company Limited.
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