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