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IDBI Bank may cut down stake in non-core biz

IDBI Bank will be divesting some of its non-core investments. The bank’s board has approved the proposal but it will be subject to compliance with all applicable laws and regulations. The move is aimed at shoring up the bank. IDBI Bank’s net worth (excluding intangibles) declined 26% year-on-year from Rs 19,323 crore as at December-end 2015 to Rs 14,258 crore as at December-end 2016. The bank may now plan to cut its stake in companies such as IDBI Federal Life Insurance, IDBI Capital Market Services, IDBI Intech, IDBI Asset Management Company, National Stock Exchange, National Securities Depository, and NSDL E-Governance Infrastructure. The bank has 48% stake in IDBI Federal Life, 100% stake each in IDBI Capital and IDBI Intech, 66.67% stake in IDBI AMC, 5% in NSE, 30% each in NSDL and NSDL E-Governance.

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