New Delhi, Mar 10 (PTI) UCO Bank has entered into an agreement to acquire 3 per cent stake in India Debt Resolution Company Ltd (IDRCL) for Rs 1.50 crore, the bank said on Thursday.

UCO Bank became one of the stakeholders of IDRCL on March 9, 2022. The bank's holding in the company will be 3 per cent, therefore no approval is required, it said in a regulatory filing.

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The state-owned lender further said the acquisition will be completed within 10 working days from the date of agreement.

The acquisition will be for a cash consideration of Rs 1.50 crore, it added.

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IDRCL is a public sector asset rehabilitation agency where the stressed assets of the public sector undertaking can be transferred. PSUs can transfer the stressed assets to the agency, hence cleaning up their books.

The intent of setting up of such an agency is to speed up the resolution process and maximising recoveries.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)