Axis Bank buys over 13% in ACRE from IFCI at Rs 22.7 crore

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Private segment Axis Bank will purchase 13.67 for every penny stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI Ltd for Rs 22.72 crore. 

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Private segment Axis Bank will purchase 13.67 percent stake in Assets Care and Reconstruction Enterprise (ACRE) from IFCI Ltd for Rs 22.72 crore. An offer buy understanding has been finished between the two organizations for the stake exchange.

"The Bank has consented to an offer buy arrangement with IFCI for procurement of 73,28,334 value offers (13.67 percent of aggregate exceptional shares) of face estimation of Rs 10 for every offer in Assets Care and Reconstruction Enterprise Limited from IFCI at Rs 31 for each offer, bringing about an aggregate money thought of Rs 22.72 crore," Axis Bank said in a discharge. The exchange is liable to administrative endorsements including that from Reserve Bank. 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 greatest shareholding of 49 percent in ACRE, IFCI holds 19.34 percent, PNB 15.30 percent, Tourism Finance 5.44 percent, Bank of Baroda 5.34 percent while the rest is held by LIC, UBI and MPCON. IFCI needs to leave its whole stake-holding in ACRE and has been in converses with purchasers for quite a while to offer its stake in the element. Section of land, an advantage remaking organization, is occupied with the securing of benefits (NPAs) from Banks/FIs and their determination. Hub Bank stock shut 2.11 percent higher at Rs 601.15 on BSE.

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