Question
Which bank announced to sell its entire 4% ownership in
India SME Asset Reconstruction Company (ISARC) for almost Rs 4 crore?Solution
• Bank of Maharashtra sell its entire 4% ownership in India SME Asset Reconstruction Company for almost Rs 4 crore. • Bank of Maharashtra (BoM) has entered a share purchase agreement for the sale of the entire equity position of 4% in India SME Asset Reconstruction Company Ltd (ISARC). • The bank’s 4% stake, which translates to 40,00,000 equity shares, would be sold for Rs 9.80 per share for Rs 3.92 crore in cash. • ISARC’s overall revenue for the fiscal year ended March 2021 was Rs 11.09 crore, with a net profit of Rs 0.36 crore. • ISARC is the country’s first Asset Reconstruction Company (ARC), with a large number of public sector banks and undertakings supporting it. It focuses on MSME NPA resolution.
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