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IDBI Bank to exit NSE

IDBIIDBI Bank is proposing to sell the balance 3% stake it holds in the National Stock Exchange. The bank’s MD and CEO Kishor Kharat said the bank wants capital today and it cannot hold NSE at the cost of its growth. The bank had earlier sold 2% stake in NSE as part of its efforts to sell non-core assets. Kharat also said the bank will look to list IDBI Capital in the stock exchanges this fiscal and also find a strategic investor for its mutual funds business. Both IFCI and SBI have already expressed intent to sell their investments in NSE. IFCI is looking to sell 3.05% stake and get at least Rs3,950 a share.

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