IDBI Bank plans to divest its stake in Asset Reconstruction Company Ltd (Arcil) and has invited bids from interested parties.

"IDBI Bank intends to sell 6,23,23,800 equity shares, constituting approximately 19.18 per cent of the total equity share capital of Asset Reconstruction Company (India) Ltd held by IDBI Bank," it said in a notice.

The last date for submission of expression of interest (EoI) is June 25, 2021.

The LIC-controlled private sector lender said it reserves the right to withdraw from the process and to accept or reject any or all offers at any stage of the process without assigning any reasons thereof.

Arcil was incorporated in 2002 and is owned by banks like SBI, IDBI, ICICI, PNB and strategic foreign investors such as Avenue India Resurgence Pte Ltd.

Since its inception, Arcil has resolved over Rs 780 billion (Rs 78,000 crore) worth of non-performing assets (NPAs) acquired from Indian banks and financial institutions, according to its website.

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