Correct Answer : 4 percent
Public sector lender Bank of Maharashtra on Thursday(7th Apr 2022) said it will divest its entire stake of 4 percent in India SME Asset Reconstruction Company(ISARC) for nearly Rs 4 crore. Bank of Maharashtra (BoM) has executed a share purchase agreement dated April 6, 2022 for sale of entire equity stake of 4 per cent in India SME Asset Reconstruction Company Ltd (ISARC), the bank said in a regulatory filing.
The bank's 4 percent stake, equivalent to 40,00,000 equity shares, will be sold at Rs 9.80 per share for a cash consideration for Rs 3.92 crore, it said.
The stake sale is subject to RBI approval for change in sponsor shareholder of ISARC. The transaction is expected to be completed by the end of December, 2022.
ISARC's total income stood at
Rs 11.09 crore in the fiscal ended March 2021, and net profit was Rs 0.36 crore. It had reported losses of
Rs 8.39 crore in
FY20 and
Rs 9.21 crore in FY19.
Source : Economic Times
