IDBI Bank scouts for transaction advisor to sell stake in AMC arm

Shares in insurance venture likely to be offloaded by September

Public sector lender IDBI Bank has kicked off the process to appoint a transaction advisor to offload 25 per cent stake held by IDBI Capital Market in mutual fund subsidiary IDBI Asset Management Company (AMC). 

The stake sale in the AMC is in addition to the ongoing work to pare stake in NSDL and insurance joint venture. 

IDBI Capital Market, the investment banking arm, will reduce stake in the AMC from the current 33 per cent. 

The balance 67 per cent is held by IDBI Bank. Industry sources said it will be difficult for IDBI Bank to find buyers for