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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.

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