Bank of Baroda, Canara Bank announce subscription to IDRCL shares : Rashtra News
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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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( News Source :Except for the headline, this story has not been edited by Rashtra News staff and is published from a economictimes.indiatimes.com feed.)
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