Don’t miss the latest developments in business and finance.

IDBI Bank gives in-principal nod to divest 7.4 mn shares held in NSE

Last year, IDBI Bank sold 2% stake in NSE to the country's largest insurer LIC

IDBI Bank gives in-principal nod to divest 7.4 mn shares held in NSE
IDBI Bank
Press Trust of India New Delhi
Last Updated : Nov 27 2017 | 6:28 PM IST
State-owned lender IDBI Bank today said it plans to sell 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 today granted in-principle approval to divest 74,15,680 equity shares, amounting to 1.5% stake, of the NSE held by the bank, it said in a filing to stock exchanges.

Last year, IDBI Bank sold 2% stake in NSE to the country's largest insurer LIC. The bank had sold 9 lakh equity shares constituting 2% of the paid-up capital of the NSE to LIC on March 30, 2016.

More From This Section

First Published: Nov 27 2017 | 5:51 PM IST

Next Story