Connect with us

Hi, what are you looking for?

News

IDBI Bank sells stake in NSE

IDBI Bank has sold 2% of its stake in the National Stock Exchange to LIC. The bank said this is part of its turnaround plan. The shares were sold at Rs 3,900 apiece. In all, the bank sold 900,000 shares that it held in NSE for Rs 351 crore. IDBI Bank had 5% stake in NSE as on 31 December 2015. Earlier IFCI had sold its 1.5% stake in NSE for Rs 263.25 crore to the US-based fund Deccan Value Investors. IDBI Bank plans to raise around Rs 19,000 crore to Rs 20,000 crore as equity as part of its turnaround plan and it aims to achieve this through QIPs and preferential allotment of shares to large strategic investors. It will also sell non-core assets like its holding in NSE, CARE and Arcil.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Don't miss our updates on your email

Subscribe to our Newsletter

PR Newswire

Copyright © Glocal Infomart Pvt Ltd. All rights reserved. Usage of content from website is subject to Terms and Conditions.