Axis Bank buys 13.6% stake of IFCI stake in ACRE for Rs 23cr

Private sector Axis Bank today completed acquisition of 13.67 per cent stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI Ltd for Rs 22.72 crore.
With this, IFCI has transfered 73.28 lakh shares of ACRE, an asset reconstruction company engaged in the acquisition of assets (NPAs) from Banks/FIs and their resolution, to Axis Bank.
The share sale was at Rs 31 per share, resulting in a total cash consideration of Rs 22.72 crore," Axis Bank said in a regulatory filing with stock exchanges.
The transaction was completed after regulatory approvals including that from Reserve Bank, it said.
SSG Capital Management (Singapore Pte Ltd), IFCI Ltd, Punjab National Bank, Tourism Finance Corporation, Bank of Baroda, LIC, United Bank of India and Madhya Pradesh Consultancy (MPCON) are the shareholders in ACRE.

SSG Capital Management has the biggest shareholding of 49 per cent in ACRE, PNB 15.30 per cent, Tourism Finance 5.44 per cent, Bank of Baroda 5.34 per cent while the rest is held by LIC, UBI and MPCON.