Private sector HDFC Bank has signed an investment agreement of Rs 3 crore to get a stake in debt management company IDRCL. After this news the share price of the company rose sharply. At the end of the business, the share price of the bank rose by 1.81 percent to the level of Rs 1460. Talking about the market capital, the bank has crossed the level of Rs 8 lakh crore.
What is the deal of the bank: The bank will take a stake in Bharat Debt Resolution Company Limited (IDRCL) through equity purchase from this investment. HDFC Bank said it will invest Rs 7.50 crore in cash in installments to acquire 15 per cent equity stake in the public company.
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Let us inform that IDRCL was formed in September 2021 by the government as a debt management company. It will provide advisory services and operations management related to debt resolution for an asset reconstruction company.