Punjab -; Sind Bank divests 8% stake in India SME ARC; stock gains ~2%

Punjab & Sind Bank has executed an agreement on April 06, 2022, for the sale of its 8% stake in India SME Asset Reconstruction Company Limited (ISARCL) in favour of Dhansamridhi Finance Pvt Ltd.

The bank has an equity investment in ISARCL and the company had not declared a dividend for the current fiscal year.

The expected consideration to be received from such divestment is Rs4.85 crore. This transaction will be completed by Q3FY2022-23.

Dhansamridhi Finance Pvt. Ltd. does not belong to the company’s promoter/promoter group/group companies.

Punjab & Sind Bank’s stock was trading 2.37% higher at Rs17.30 against its previous close of Rs16.90 on NSE. It touched intraday high and low of Rs17.35 and Rs17.05 so far respectively.