Japan based company interested in buying a Central Bank stake
Japan-based diversified financial services firm Orix is understood to have evinced interest in buying the 8.34 percent stake owned by Central Bank in infrastructure development and finance company IL&FS, sources said, adding that six others were in the fray for the stake.
The top three shareholders in the company are LIC with 25.34 percent, ORIX Japan with 23.04 percent and Abu Dhabi Investment Authority with 11.09 percent stake. Sources added that Central Bank has appointed SBI Capital Markets to look for a potential buyer.
In an earlier instance of a large shareholder increasing its stake in another non-core entity, US-based TransUnion bought the entire stake of Punjab National Bank and Central Bank of India in Cibil. TransUnion is now the largest shareholder with 55 percent in the credit information company. Sources said that public sector lender Central Bank of India was planning to earn Rs 860 crore from selling close to 1 crore shares of IL&FS.
This is good news for the company as it would help in furthering the smooth development of the company. International companies are showing interest these days in buying stakes of Indian companies.
Source: Financial Express
Abu Dhabi Investment Authority, IL&FS, infrastructure development and finance company, Japan based company, Orix, Punjab National Bank
