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Indian bank pays stake in ASREC

The board of public sector lender Indian Bank on Friday gave in-principle approval for partial or full disinvestment of its stake in ASREC India Limited.

A top bank official said, “The board met today and gave in-principle approval for full or partial disinvestment of stake in ASREC as part of the demonetisation move of non-core assets.” “The quantum of disinvestment will be decided at a later date on the basis of returns,” the official said. After the merger of Allahabad Bank with the joint venture, the stake of Indian Bank increased to 38.26%.

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