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Punjab National Bank sells its entire stake in ICRA for over Rs 108 crore

“The bank has sold its entire stake of 3,30,000 shares of Icra Ltd through block deal at exchange platform for gross sale consideration of Rs108.60 crore on June 28, 2018,” the bank said in a regulatory filing.  

Edited by: India TV Business Desk, Mumbai [ Published on: June 29, 2018 23:58 IST ]

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State-run Punjab National Bank (PNB) on Friday said that it has sold its entire stake in credit ratings agency ICRA for a consideration of Rs108 crore.

“The bank has sold its entire stake of 3,30,000 shares of Icra Ltd through block deal at exchange platform for gross sale consideration of Rs108.60 crore on June 28, 2018,” the bank said in a regulatory filing.

The stake sales comes after the multi-crore fraud-hit lender said that its Board had on June 8 authorised the management to initiate "the process and take appropriate decision to disinvest stake" in PNB Housing Finance, ICRA, CRISIL and BSE to implement PSB's reforms agenda. 

At the end of March quarter, PNB held 3.43% stake in Icra. In PNB Housing Finance, which is promoted by the bank, it held 32.96% as on 31 March, 2018.

In Crisil and BSE Ltd, banks and financial institutions have a collective shareholding of 0.26% and 0.09%, respectively, as on 31 March, 2018.

Stock of PNB closed 3.69% higher at Rs75.95 apiece on the BSE on Friday.

(With agency inputs)

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