2:20 pm Stake sale: State-owned term lender IFCI will sell its entire stake in Assets Care and Reconstruction Enterprise Limited (ACRE) to Axis Bank for Rs 22.72 crore.
"IFCI has signed a share purchase agreement with Axis Bank for divesting its entire stake in ACRE (13.67 per cent)...resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.
In January this year, IFCI had informed about its decision for disinvestment of entire stake of the company in ACRE.
ACRE helps banks and financial institutions clean up their books through acquisition of non-performing financial assets.
2:00 pm Market Check: Equity benchmarks continued to consolidate with the Nifty trading in a 25-point range despite global rally on rising oil prices.
The 30-share BSE Sensex was up 44.26 points at 28643.29 and the Nifty up 28.65 points at 8808.50 while the BSE Midcap and Smallcap indices continued to gain 0.6 percent each.
About 1415 shares advanced against 1209 declining shares on the BSE.
European stocks were higher as investors cheered a rally in oil markets and awaited the start of the Federal Reserve's policy meeting this week. France's CAC and Britain's FTSE climbed over a percent.
Oil prices rose over 1 percent, after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted. Brent crude futures were at USD 46.40 per barrel, up 1.3 percent, from their previous settlement. US crude was up 1.63 percent, at USD 43.73 a barrel.
"IFCI has signed a share purchase agreement with Axis Bank for divesting its entire stake in ACRE (13.67 per cent)...resulting in total cash consideration of Rs 22.72 crore," the company said in a BSE filing.
In January this year, IFCI had informed about its decision for disinvestment of entire stake of the company in ACRE.
ACRE helps banks and financial institutions clean up their books through acquisition of non-performing financial assets.
2:00 pm Market Check: Equity benchmarks continued to consolidate with the Nifty trading in a 25-point range despite global rally on rising oil prices.
The 30-share BSE Sensex was up 44.26 points at 28643.29 and the Nifty up 28.65 points at 8808.50 while the BSE Midcap and Smallcap indices continued to gain 0.6 percent each.
About 1415 shares advanced against 1209 declining shares on the BSE.
European stocks were higher as investors cheered a rally in oil markets and awaited the start of the Federal Reserve's policy meeting this week. France's CAC and Britain's FTSE climbed over a percent.
Oil prices rose over 1 percent, after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilising deal and as clashes in Libya raised concerns that efforts to restart crude exports could be disrupted. Brent crude futures were at USD 46.40 per barrel, up 1.3 percent, from their previous settlement. US crude was up 1.63 percent, at USD 43.73 a barrel.
No comments:
Post a Comment