 "IDBI Bank pares 4.89% stake in SIDBI for undisclosed amount")
State-owned IDBI Bank on Friday said it has further sold 4.89 per cent stake in SIDBI for an undisclosed amount.
"IDBI Bank has sold further 2,6,000,000 equity shares constituting 4.89 per cent of the paid up capital of Small Industries Development Bank of India (SIDBI) on December 29, 2017," the bank said in a regulatory filing.
Earlier, the bank had sold stakes of 1 per cent and 9.03 per cent in two tranches towards the end of September this year.
SIDBI was originally 100 per cent owned by IDBI, when it was a term lending institution. Later in 2000, it divested 51 per cent stake in favour of government-owned banks and insurance companies.
Stock of IDBI Bank closed 0.83 per cent lower at Rs 59.85 apiece on the BSE today.
"IDBI Bank has sold further 2,6,000,000 equity shares constituting 4.89 per cent of the paid up capital of Small Industries Development Bank of India (SIDBI) on December 29, 2017," the bank said in a regulatory filing.
Earlier, the bank had sold stakes of 1 per cent and 9.03 per cent in two tranches towards the end of September this year.
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IDBI Bank had said that the intention to sell stake was to mobilise funds by existing non-core business.
SIDBI was originally 100 per cent owned by IDBI, when it was a term lending institution. Later in 2000, it divested 51 per cent stake in favour of government-owned banks and insurance companies.
Stock of IDBI Bank closed 0.83 per cent lower at Rs 59.85 apiece on the BSE today.
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