Tag: Arcil

IDBI Bank board okays divesting entire 19% stake in ARCIL, BFSI News, ET BFSI

Banking & Finance

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IDBI Bank on Friday said its board has okayed a proposal to divest its entire stake of over 19 per cent in ARCIL. The decision was taken at a meeting of the board of directors on Friday.

The board has approved the proposal for sale of IDBI Bank’s entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing.

In June this year, IDBI Bank had invited bids from interested parties for the takeover of its stake in the asset reconstruction company.

Incorporated in 2002, ARCIL is owned by SBI, IDBI, ICICI and PNB, besides strategic foreign investors such as Avenue Indian Resurgence Pte Ltd.

Since its inception, ARCIL has resolved over Rs 78,000 crore worth of non-performing assets acquired from domestic banks and financial institutions, as per its website.



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Former CBoI chief Pallav Mohapatra appointed MD and CEO of Arcil

Banking & Finance

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Asset Reconstruction Company (India) Ltd (Arcil) on Tuesday announced the appointment of Pallav Mohapatra as its Chief Executive Officer and Managing Director.

Prior to the appointment, Mohapatra was the MD and CEO of Central Bank of India (CBoI) from September 21, 2018, to February 28, 2021. Before being elevated as MD and CEO of CBoI, he was Deputy Managing Director, Stressed Assets Management Group, State Bank of India.

Vinayak Bahuguna headed Arcil as MD and CEO for five years till June 2020.

Anil Gorthy, Chairman, Arcil, in a statement, said Mohapatra brings with him years of seasoned banking insight and a wealth of experience in the industry, particularly management of stressed assets.

Arcil, which was set up in 2002, currently has assets under management (in non-performing loans) of ₹12,000 crore, according to the statement.

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