Punjab National Bank’s (PNB) Board has decided to sell Bank's entire stake in Asset Reconstruction Company (India) (ARCIL) at an agreed price. The indicative timeline is December 31, 2022 for completion of divestment, which includes signing of SPA, permission from RBI and subsequent receipt of funds. Currently, PNB holds a 10.01% stake in ARCIL.
Thereafter, PNB will cease to be sponsor/shareholder in ARCIL as the shareholding will be NIL after stake sale.
PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.
