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Bank of Maharashtra to divest entire stake of 4% in ISARC

07 Apr 2022 Evaluate

Bank of Maharashtra (BoM) has decided to divest its entire stake of 4 percent in India SME Asset Reconstruction Company for nearly Rs 4 crore. BoM has executed a share purchase agreement dated April 6, 2022, for the sale of the entire equity stake of 4 percent in India SME Asset Reconstruction Company (ISARC).

The bank's 4 percent stake, equivalent to 40,00,000 equity shares, will be sold at Rs 9.80 per share for a cash consideration of Rs 3.92 crore. The stake sale is subject to RBI approval for change in sponsor shareholder of ISARC. The transaction is expected to be completed by the end of December 2022.

Bank of Maharashtra offers several products and services in personal banking such as deposits, savings, personal loans, educational loans, demat services, credit cards, etc. The Bank also offers services to agricultural and SME sectors.
 

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