IDBI Bank divests its entire 19.18% stake in ARCIL to Avenue India

IDBI Bank on Wednesday said it has divested its entire stake of over 19 per cent in ARCIL to Avenue India Resurgence Pte.

The lender, however, did not disclose the deal value.

"...IDBI Bank has sold its entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd. (ARCIL) on May 18, 2022 to Avenue India Resurgence Pte. Ltd," IDBI Bank said in a regulatory filing.

With this, the LIC-controlled lender said it ceases to be a sponsor shareholder of ARCIL.

Stock of IDBI Bank closed 0.39 per cent down at Rs 38.10 apiece on BSE.