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ICICI to sell 5% in Arcil to First Rand of S Africa
ICICI Bank will sell 5% of its equity stake in Asset Reconstruction Company of India (Aral) to an African bank. First Rand Bank, for little less than Rs 40 crore. Aral deals in bad loans, and the development reflects a growing interest among foreign players in the local stress asset business.
Last year, ICICI Bank had decided to sell 10% of its stake to British bank Barclays Bank. However, this was rejected by the Reserve Bank of India (RBI) on the grounds that the bank would overstep its capital market exposure limit.
When the deal was stuck between ICICI Bank and Barclays, RBI’s capital market norms stipulated that a bank’s exposure to stocks should not be more than 5% of the advances portfolio. Since Barclays did not have a large advances portfolio, the proposal could not be pursued. Under the present norm, a bank’s market exposure can be up to 20% of the net worth or 5% of advances, whichever is lower.
As a result, ICICI Bank could sell only 5 % of its stake to Barclays at Rs 39.6 crore. The balance 5% would be sold to the African bank. Following this, ICICI Bank’s shareholding in Aral will be 19.58%, slightly lower than that of the other two key shareholders — State Bank of India and IDBI Bank — each holding 19.95%.
Confirming the development, Aral MD & CEO S Khasnobis said, “With this, ICICI Bank equity holding will come down to 19 % as was originally planned.” First Rand Bank is among the top four commercial and investment banking groups in South Africa. It has over 4,000 ATMs and 650branches.
Aral’s paid-up equity share capital is Rs 220 crore comprising of 22 crore shares of Rs 10 each. The other large shareholders include Punjab National Bank which holds 10% and LDFC with 8.71 %. The minority shareholders include Karur Vysya Bank (2.9%), Karnataka Bank (2.74%), Citicorp Finance (2%), Federal Bank and South Indian Bank (1.33% each) and HDFC and HDFC Bank (0.53% each). Besides this, ITCOT Consultancy, trustee of Aral employees’ stock, owns 0.46%.
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