ASREC is an asset reconstruction company in which Bank of India, Union Bank of India, LIC and Deutsche Bank are the shareholders.
The company was granted a certificate of registration by the Reserve Bank of India in October 2004 to carry out activities under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act 2002.
The company's authorised equity capital was Rs 125 crore and the aggregate paid-up equity and other equity was Rs 146.01 crore as of March 31, 2019, according to its website.
ASREC acquires non-performing assets (NPAs) from the banks/financial institutions at mutually agreed prices with the objective to maximise the returns through innovative resolution strategies.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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