IDBI Bank is planning to sell stake in the National Stock Exchange (NSE). The move is in line with guidelines on investments in non-core banking activities of public sector banks.
At present, the bank owns 2.2 million shares in the exchange, equal to a 4.99% stake, according to the bourse’s latest annual report. Other stakeholders include SHICL, GA Global Investments, GS Strategic Investments Limited, SAIF II SE Investments Mauritius and Aranda Investments (Mauritius) Pte. Each holds around 5% each.
Further, the Life Insurance Corporation of India which holds 10.51% stake in the exchange, making it the largest stakeholder. The State Bank of India holds 10.19%. Delhi-based finance company IFCI, holds 5.55%.
IDBI Bank is new generation public sector universal bank that rides on a cutting edge Core Banking Information Technology platform. This enables the Bank to offer personalized banking and financial solutions to its clients through its 1,217 branches and 2,101 ATMs.
