Standard Capital Gets Board Nod to Form New Arm for Asset Reconstruction Company; Shares Down 4%
MT Newswires Live
Yesterday
Standard Capital Markets (BOM:511700) has received board approval for the incorporation of a wholly-owned subsidiary company tentatively names "Standard ARC", according to a BSE filing on Tuesday.
The proposed subsidiary will operate in the asset reconstruction and distressed asset management sector in the financial services sector.
The subsidiary will start its ARC business activities after receiving of the ARC license from the Reserve Bank of India.
The company's shares were down over 4% in recent trade.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.