Government-owned Bank of Maharashtra on Thursday announced the execution of a share purchase to divest its entire stake of 4% in India SME Asset Reconstruction Company (ISARC).
The agreement was executed on April 6, 2022.
The bank will divest its entire stake in ISARC for a consideration of ₹3.92 crore. The transaction is expected to close by December 2022-end.
A floor price of ₹9.80 per equity share has been proposed for the divestment. The bank holds 40 lakh equity shares or 4% at a face value of ₹10 each in ISARC.
The divestment is subject to RBI approval for change in sponsor shareholder of ISARC.
On BSE, the Bank’s shares today settled on a positive note. The shares closed at ₹18.85 apiece up by 0.53% on the exchange. These shares traded between an intraday high and low of ₹19.40 apiece and ₹18.75 apiece respectively.