ICICI to sell 5% in Arcil

ICICI Bank will sell 5% of its equity stake in Asset Reconstruction Company of India (Arcil) to an African Bank, First Rand Bank, for little less than Rs 40 crore.

Last year ICICI had decided to sell 10% of its stake to British bank Barclays Bank. However, this was rejected by Reserve Bank of Indioa (RBI) on the grounds that the bank would overstep its capital market exposure limit.