Indian Bank reduces stake in NARCL to 9.90%; Stock under pressure

22 Mar 2022 , 12:45 PM

Indian Bank’s stake in National Asset Reconstruction Company Ltd. (NARCL), NARCL has reduced from 13.27% to 9.90%.

The company in October 2021 had subscribed 1,98,00,000 equity shares of NARCL and has now been allotted 125,98,45,000 new additional equity shares of Rs10/- each by NARCL through preferential allotment on private placement basis to the identified investors, including Indian Bank, the Bank’s stake in NARCL has reduced from 13.27% to 9.90%.

The reduction in percentage shareholding of the Bank in NARCL is due to issue and allotment of additional 125,98,45,000 new equity shares of Rs.10/- each by NARCL through preferential allotment on private placement basis to the identified investors, including Indian Bank. The cash consideration paid by Indian Bank for subscribing to 11,96,95,455 new equity shares of face value of Rs.10/- each in the said preferential allotment by NARCL is Rs.119,69,54,550/-.

At around 12.48 pm, Indian Bank was trading at Rs153.10 per piece down by Rs2.25 or 1.45% from its previous closing of Rs155.35 per piece on the BSE.