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IDBI Bank may sell NSE stake

IDBI Bank may sell its stake in National Stock Exchange in the next financial year in order to raise capital. According to B.K. Batra, DMD of the bank, the bank is interested in selling the stake but it may happen only in the next financial year. The bank has nearly 5% holding NSE. NSE has a market value of around $3.5 billion (about Rs 21,000 crore), whcih will mean that IDBI Bank’s holding is valued at around Rs 1000 crore. The bank has already invited expression of interest in the sale of the stake. The other major shareholders of NSE are Life Insurance Corporation (10.51%), State Bank of India (10.19%), IFCI (5.55%) and IDFC (5.33%).

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