ICICI Bank, the country’s largest private sector bank, has reportedly sold Rs 250 crore of non-convertible debentures issued by Lavasa Corporation, a subsidiary of Hindustan Construction Company (HCC), to loan recovery firm Arcil. The sale would be done to ensure that the bank does not take any hit on its investment books as the company might have defaulted on its payments.
ICICI Bank is India’s largest private sector bank with consolidated total assets of $124.76 billion at March 31, 2014. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms.
