Latest News | Union Bank of India to Sell Its 8 Pc Stake in ISARC to Dhansamridhi Finance

New Delhi, Apr 6 (PTI) Union Bank of India on Wednesday said it will sell its 8 per cent stake in India SME Asset Reconstruction Company.

"The bank has executed an agreement on April 6, 2022 for sale of its 8 per cent stake in India SME Asset Reconstruction Company Limited (ISARC) in favour of Dhansamridhi Finance," the bank said in a regulatory filing.

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The stake sale is subject to obtaining requisite regulatory approvals, it said.

ISARC is the country's first ARC supported by a large number of public sector banks and undertakings, focussed on NPA resolution of the MSME sector.

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The ARC is sponsored by SIDBI, Bank of Baroda, Punjab National Bank, and SIDBI Venture Capital Ltd.

(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)