Indian Bank okays divesting stake in ASREC

The board of public sector lender Indian Bank, on Friday, gave in-principle approval for either a partial or full disinvestment of its stake in ASREC India Ltd. “Today, the board met and gave its in-principle approval either for full or partial disinvestment of stake in ASREC as part of its move to monetise non-core assets,” a top bank official said. “The quantum of disinvestment will be decided at a later date depending upon the returns,” the official added. Indian Bank’s stake rose to 38.26% after its merger with the ertswhile Allahabad Bank in the joint venture.