HDFC Bank announced investment in India Debt Resolution Company Limited (IDRCL), a debt management and resolution services company. IDRCL was incorporated in 2021.
According to the company’s exchange filing, “We wish to inform you that HDFC Bank Limited (the “Bank”) has signed an agreement on March 28, 2022 for investment in India Debt Resolution Company Limited (“IDRCL”) by way of subscription to equity securities.”
Post investment, the Bank will hold upto 15% of the equity share capital of the IDRCL, a statement said.
IDRCL has been incorporated with the objective to carry on the business as a debt management company and to do all kinds of debt management, operational management and consultancy services in relation to debt resolution for an asset reconstruction company or investment trust or any other portfolio of securities, the statement said.
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