Mumbai: With non performing assets-saddled banks trying to raise money from sale of non-core assets, global credit information company TransUnion has raised its stake in its Indian subsidiary Cibil to 77.1% by buying out ICICI Bank and Bank of Baroda’s holding in it.

The American company’s holding, which earlier stood at 66.1%, has now risen to 77.1%, an updated shareholding pattern shared on Cibil’s website said. ICICI Bank has sold its 6% stake in the company, while Bank of Baroda has sold its 5% holding, a comparison of the shareholding patterns disclosed earlier with the updated one reveals.

The Reserve Bank of India recently permitted 100% foreign direct investment in the credit information companies subject to certain conditions like diversified ownership at the acquirer entity and directors’ nationality being Indian. Cibil, which began operations in August 2000, was formed as a joint venture between banks and TransUnion.

Many lenders, including State Bank of India, HDFC have sold stakes to TransUnion in the past. Managements of both ICICI Bank as well as Bank of Baroda have indicated they will sell stakes in non-core assets in the aftermath of RBI’s asset quality review.

Bank of Baroda has reported record losses in in the December 2015 and March 2016 quarters, while ICICI Bank has seen declines in profits. Details around the money raised by the two lenders by selling their stakes to TransUnion were not immediately available.

Shares of both ICICI Bank and Bank of Baroda witnessed strong buying in Monday’s trade on BSE and the scrips closed above both the sectoral indice as well as the benchmark. The ICICI Bank scrip closed almost 3% up at 247.55 a piece, while Bank of Baroda was up 2.08% at 159.80 a piece.

The BSE’s benchmark Sensex closed 0.49% up, while the sectoral Bankex rose 0.60%. After this transaction, the remaining shareholders in Cibil are Indian Overseas Bank (5%), Union Bank of India (5%), Bank of India (5%), Aditya Birla Trustee Company (4%), India Alternatives Private Equity (2.9%) and India Infoline Finance (1%).

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