IDBI Bank is negotiating to sell its stake in asset reconstruction company Arcil as part of its plan to divest non-core investments. the bank is talking to US-based Avenue Capital in this regard. The bank has 19.18% stake in Arcil, which is the oldest ARC in India. Avenue Capital with its 27% stake at present, will become the single-largest investor in Arcil if the sale gets through. It had picked up a substantial stake in Arcil in November and had revealed intentions to buy further stakes from existing investors, including State Bank of India (which has 20% holding in the company), ICICI Bank (13.26%) and Punjab National Bank (10.01%).
