New Delhi, June 11: ICICI Bank, Industrial Development Bank of India and State Bank of India have decided to recast the equity holding structure and likely to hold a little less than 20 per cent in the Asset Reconstruction Company of India Ltd (ARCIL), which would soon start operation with bad assets worth Rs 7,000 crore. "ICICI Bank, SBI and IDBI will sell some of their stakes to other banks. Their holding is slated to be less than 20 per cent," ICICI Bank chairman N Vaghul said on the sidelines of a press conference here.

The move comes after the three main promoters decided to rope in more number of banks including Bank of India, Bank of Baroda and UTI Bank, in ARCIL.
Initially, it was decided that IDBI, ICICI Bank and SBI will hold 24.5 per cent each in ARCIL, which will take over non-performing assets of banks and FIs for faster recovery.

Vaghul, who is also the chairman of ARCIL, said the company was awaiting the licence from Reserve Bank for starting operation with an initial capital of Rs 10 crore.
ARCIL is set to create a trust to float mutual funds to be offered to banks and FIs, after getting the necessary nod from the Securities and Exchange Board of India. Bureau Report