Moneycontrol

Budget 2023Budget 2023

PARTNERS

  • Tata AIA Life Insurance
  • Hafele
  • Motilal Oswal
Live Now : Nifty Banker 3.0 | India's First Retail Index Traders Online Conference.
Budget 2023
Budget 2023
you are here: HomeNewsBusiness

HDFC Bank to infuse Rs 3 crore to acquire stake in debt resolution firm IDRCL

HDFC Bank has signed a pact on March 28, 2022, for investment in India Debt Resolution Company Ltd (IDRCL) by way of subscription to equity securities, the bank said in a regulatory filing.

March 29, 2022 / 01:06 PM IST
File image of HDFC Bank

File image of HDFC Bank

 
 
live
  • bselive
  • nselive
Volume
Todays L/H
More

HDFC Bank on Tuesday said it has inked an agreement to invest Rs 3 crore in the first tranche to acquire a stake in debt management company IDRCL.

HDFC Bank has signed a pact on March 28, 2022, for investment in India Debt Resolution Company Ltd (IDRCL) by way of subscription to equity securities, the bank said in a regulatory filing.

IDRCL was incorporated on September 3, 2021, to carry on the business as a debt management company and to do all kinds of debt management. It will do operational management and consultancy services in relation to debt resolution for an asset reconstruction company or investment trust or any other portfolio of securities.

"Equity investment will be done in tranches, and the first tranche of equity investment of Rs 3 crore is expected to be completed by March 31, 2022. Subsequent tranches of equity investment will be made as and when determined by the board of directors of IDRCL," the private sector lender said.