New Brooms

National Development Bank on Tuesday sold off 53 percent of its 66 percent stake in Mercantile Leasing Ltd to a consortium for Rs. 239 mn.
Savings giant, National Savings Bank bought 19.5 percent while a consortium led by M M Udeshi picked up the balance 29 percent stake. NDB will still control a 10 percent slice.rn

rnThe stake amounting to 10.878 mn shares were sold off at Rs. 22 a piece.rn

rnNDBs 66 percent stake in MLL was valued at Rs. 234.7 mn as at Dec. 31, 2002.rn

rnNSB said recently it was taking up MLLs stake at the request of the Treasury as the government was keen to maintain its presence in the leasing company.rn

rnMLL had made a Rs. 47.4 mn net profit for the period ending Dec. 31, 2002.rn