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IDBI makes second bid to sell stake in Sidbi

IDBI Bank is mulling to sell its 13.7% stake in Sidbi. It has sought fresh bids from potential buyers for the purpose. The bank has mandated SBI Capital Markets to look for a buyer for its entire 16.25% stake in the financial institution but had to extend the date for submission due to lack of investor response. Of the total stake put on the block, 2% was picked up by LIC and 0.5% by Vijaya Bank. LIC now holds 14.21% in Sidbi. IDBI Bank is the second largest shareholder in Sidbi after State Bank of India, which owns 16.73%. Other shareholders include government of India, which owns 15.4% stake, LIC, Punjab National Bank with 3.99% and other public sector banks and insurance companies. IDBI Bank is proposing to exit all its non-core assets and it hopes to get some Rs 5,000 crore in this financial year through such sale to improve its CAR. The bank has holdings in NSDL, ODBI Asset Management, IDBI Federal Life Insurance, IDBI Capital Markets, IDBI Intech and CCIL besides other entities.

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