IDBI Bank to sell 30% stake in NEGIL to exit non core business

State-owned lender IDBI Bank today said it will sell 30 per cent stake in NSDL e-Governance Infrastructure Ltd (NEGIL).

This is a part of exercise to exit from non-core business.

The "board of directors of IDBI Bank... have by way of circular resolution approved sale of 1,20,00,000 equity shares of NSDL e-Governance Infrastructure Ltd (NEGIL) constituting 30 per cent stake held by the bank", it said in a filing to stock exchanges.

Last month, IDBI Bank's board also approved sale of 1.5 per cent stake in the leading bourse National Stock Exchange (NSE).

The bank had sold 9 lakh equity shares constituting 2 per cent of the paid-up capital of the NSE to LIC on March 30, 2016.