New Delhi: State-owned term lender IFCI will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (ACRE) to Axis Bank for Rs 22.72 crore.
"IFCI has signed a share purchase agreement with Axis Bank for divesting its entire stake in ACRE (13.67 percent)...resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.
In January this year, IFCI had informed about its decision for disinvestment of entire stake of the company in ACRE.
ACRE helps banks and financial institutions clean up their books through acquisition of non-performing financial assets.
Shares of IFCI were trading 1.96 percent higher at Rs 28.60 apiece from their previous close on the BSE.