Bank of Baroda subscribes to 99,000 shares of IDRCL

Public sector Bank of Baroda on Friday stated it has subscribed to 99,000 stocks of asset reconstruction agency India Debt Resolution Company Ltd (IDRCL). The acquisition is difficult to execute because of the funding agreement. In its regulatory filing, the bank said that it has subscribed to 99,000 shares of India Debt Resolution Company Ltd.

The financial institution stated the stocks are to be subscribed at Rs 10  per equity share. IDRCL is yet to emerge as operational. As an asset control company, it'll control the asset and have interaction with marketplace experts and turnaround specialists for debt resolution. Public area banks and public economic establishments will preserve a majority of49 in keeping with cent stake in IDRCL and the relaxation could be with non-public area banks.