IDBI Bank on Friday said its board has okayed a proposal to divest its entire stake of over 19 per cent in ARCIL. The decision was taken at a meeting of the board of directors on Friday.The board has approved the proposal for sale of IDBI Bank’s entire holding of 6,23,23,800 fully paid-up equity shares constituting 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd (ARCIL), IDBI Bank said in a regulatory filing.In June this year, IDBI Bank had invited bids from interested parties for the takeover of its stake in the asset reconstruction company.

Incorporated in 2002, ARCIL is owned by SBI, IDBI, ICICI and PNB, besides strategic foreign investors such as Avenue Indian Resurgence Pte Ltd.Since its inception, ARCIL has resolved over Rs 78,000 crore worth of non-performing assets acquired from domestic banks and financial institutions, as per its website.