HDFC Bank on Tuesday has announced that it has entered into an agreement to invest Rs 3 crore in the first tranche to acquire a stake in India Debt Resolution Company Ltd (IDRCL). It has signed an agreement on March 28, 2022, for investing in IDRCL through subscription to equity securities. IDRCL is involved in resolving and restructuring bad loans bought by National Asset Reconstruction Corporation.
The bank has also informed that it will infuse cash amounting to Rs 7.50 crore in tranches to acquire up to 15 percent equity holding IDRCL.
Further, the bank added, “Equity investment will be done in tranches, and in 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.”
