PNB Offloads Entire Stake In India SME ARC For ₹340.46 Million

Punjab National Bank Ltd. on Tuesday said it has sold its entire 20.90% stake in India SME Asset Reconstruction Co. Ltd. for ₹340.46 million in cash. The asset reconstruction company was an associate of the listed state-owned bank.

PNB had entered into an agreement with Authum Investment and Infrastructure Ltd. on May 13 to complete the deal in the April-June quarter. The Reserve Bank of India had cleared Authum’s change of sponsor and equity raise in March.

India SME Asset Reconstruction reported a net profit of ₹197.9 million for the year ended March, with total assets of ₹1.50 billion.