Bank of Baroda subscribes to 99,000 shares of IDRCL

The bank further said its equity stake of 12.30 per cent in IDRCL will be reduced to 9.90 per cent by March 31, 2022.

New Delhi: Public sector Bank of Baroda on Friday said it has subscribed to 99,000 shares of asset reconstruction company India Debt Resolution Company Ltd (IDRCL).

The acquisition is subject to execution of investment agreement.

"Bank of Baroda has subscribed to 99,000 shares of India Debt Resolution Company Ltd (IDRCL)," the bank said in a regulatory filing.

The bank further said its equity stake of 12.30 per cent in IDRCL will be reduced to 9.90 per cent by March 31, 2022.

The bank said the shares are to be subscribed at Rs 10 per equity share.