Bank of Baroda (BoB) on Wednesday said it has executed a Share Purchase Agreement for sale of its entire equity stake of 10 per cent in Equifax Credit Information Services Private Limited (ECIS) for about Rs 91 crore.
The indicative time period for completion of the transaction (sale of 1.35 crore equity shares of ECIS at Rs 67.43 apiece) is the January-March 2020 quarter, according to the public sector bank's stock exchange filing.
ECIS is a Credit Information Company (CIC) and provides various credit information services in accordance with the Credit Information Companies (Regulation) Act, 2005. It posted a net profit of Rs 11.87 crore on total income of Rs 50.83 crore in FY2019.