State-owned lender IDBI Bank on Monday said it plans to sell a 1.5% stake in the leading bourse National Stock Exchange (NSE).
This is a part of exercise to exit from non-core business. The board of IDBI Bank, at its meeting held on Monday, granted in-principle approval to divest 74,15,680 equity shares, amounting to a 1.5% stake, of the NSE held by the bank, it said in a filing to stock exchanges.
Last year, IDBI Bank sold a 2% stake in the NSE to the country’s largest insurer, LIC. The bank had sold nine lakh equity shares, constituting 2% of the paid-up capital of the NSE to LIC, on 30 March 2016.
Source: Mint