Latest news with #ISARC
Time of India
4 days ago
- Business
- Time of India
Bayer Crop Science delegation visits ISARC
Bayer Crop Science delegation visits ISARC : A four-member delegation from Bayer Crop Science visited the International Rice Research Institute - South Asia Regional Centre (ISARC) here on Wednesday to review the ongoing collaborative efforts in rice research and development. The discussions focused on advancing direct-seeded rice (DSR), hybrid rice, and the deployment of IRRI's DSR-fit rice varieties. tnn
Mint
14-05-2025
- Business
- Mint
Authum Investment share price jumps over 10% to hit its record high after revising ISARC acquisition terms
Shares of Authum Investment & Infrastructure surged over 10 percent on Wednesday, May 14, touching a fresh all-time high of ₹ 2,135.95, after the company announced revised terms of its proposed investment in India SME Asset Reconstruction Company Limited (ISARC). The company executed a supplemental agreement on May 13, 2025, which updates the original terms outlined in the agreement signed on October 14, 2024. As per the new agreement, Authum will subscribe to 13 crore equity shares of ISARC at ₹ 14.86 per share, based on an updated valuation report, bringing the total subscription amount to ₹ 193.18 crore. This move will give the company a 56.52 percent stake in ISARC on a fully diluted basis. In addition to the fresh equity infusion, the company will purchase 2.09 crore equity shares from Punjab National Bank, an existing shareholder of ISARC, at ₹ 16.29 per share. This translates into a total share purchase consideration of ₹ 119.32 crore, adding another 31.85 percent to its voting rights in the company. With both the fresh subscription and share purchase combined, Authum will invest a total of ₹ 312.5 crore, acquiring 20.32 crore equity shares and holding 88.37 percent of ISARC's voting rights. The long stop date to complete the transaction has also been extended to July 31, 2025. Upon completion, ISARC will officially become a subsidiary of Authum. ISARC is a registered asset reconstruction company under the SARFAESI Act, 2002, and primarily focuses on securitisation and recovery of financial assets, with a special emphasis on MSMEs. As of March 31, 2024, ISARC reported a net worth of ₹ 129.68 crore and a turnover of ₹ 2.47 crore. The acquisition aligns with Authum's long-term strategy to expand its presence in the financial services sector, specifically by creating a dedicated platform for turning around distressed assets. According to the company, this platform will be backed by capital strength and operational expertise, enabling it to build a diversified credit business under the asset reconstruction vertical. All regulatory approvals, including those from the Reserve Bank of India (RBI) for change in sponsor and board appointments, have already been secured through RBI's letters dated March 25 and March 26, 2025. The market has responded enthusiastically to these developments. On May 14, shares of Authum jumped 10.3 percent to hit ₹ 2,135.95, their highest-ever level. The stock has seen a spectacular rally, rising 181 percent from its 52-week low of ₹ 760, touched in May 2024. Over the past 12 months, the stock has delivered multibagger returns, soaring 153 percent. In May alone, it has added 23 percent, rebounding from a marginal 0.5 percent dip in April. Earlier, it gained 23 percent in March, 16.5 percent in February, and 0.9 percent in January, highlighting sustained investor interest. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Business Standard
13-05-2025
- Business
- Business Standard
PNB to sell entire stake in Isarc for ₹34 crore to streamline portfolio
In a significant step to streamline its investment portfolio, Punjab National Bank (PNB) on Tuesday said it has signed an agreement to offload its entire stake in India SME Asset Reconstruction Company Ltd (Isarc) for ₹34.04 crore. The state-owned bank confirmed in a stock exchange filing that "the bank has entered into a definitive i.e. 13.05.2025, to sell its entire stake in M/s India SME Asset Reconstruction Company Limited (ISARC), an associate company of the bank". The deal involves the sale of 2.09 crore shares at ₹16.29 each, with the transaction expected to wrap up by the end of the first quarter of the 2025–26 financial year. The move aligns with PNB's wider strategy to primarily focus on its core banking operations while exiting non-core investments. The Reserve Bank of India had in March approved a change in sponsor as well as an equity infusion from M/s Authum Investment and Infrastructure Limited, who will now take over PNB's shareholding in ISARC. Isarc, jointly promoted by SIDBI, Bank of Baroda, PNB, and SIDBI Venture Capital Ltd, focuses on reviving distressed assets in the small and medium enterprises (SME) sector. In FY24, the company reported a capital base of ₹129.68 crore, assets worth ₹130.11 crore, and an income of ₹18.08 crore. Its profit before tax stood at ₹10.65 crore, while profit after tax came in at ₹9.37 crore. PNB clarified that this is not a related-party transaction and does not fall under any merger or slump sale arrangement. PNB's shares closed at ₹97.65 on the BSE on Tuesday, marking a 1.93% rise from the previous day's close.
