ICICI Bank to buy 15% stake in India Debt Resolution Co in tranches

29 Mar 2022 , 09:09 AM

ICICI Bank said in the regulatory filing on Monday that the bank will acquire up to 15 per cent stake in India Debt Resolution Company (IDRCL), which has been set up to manage stressed assets.

The investment would consist of a total cash consideration of upto Rs7.5 crore in multiple tranches to acquire up to 15 per cent equity holding in the company, the bank said in the filing.

The first tranche of equity investment of Rs3 crore by the bank is expected to be completed by March 31, 2022, it added.

The bank had on March 10 signed an agreement to acquire a 5 per cent stake in National Asset Reconstruction Company Limited.

The private sector lender said in a stock exchange filing, “we wish to inform you that ICICI Bank has signed an agreement on March 28, 2022, for investment in India Debt Resolution Company Limited.”