IDBI is exploring the option of selling its stake in premium institutions such as the National Stock Exchange (NSE), National Securities Depository (NSDL), Small Industries Development Bank of India (Sidbi) and Stock Holding Corporation of India (SHCIL). | |
| Enthused by big profits raked in by IFCI (Rs 779 crore for 7 per cent stake) from its stake sale in the NSE, the market buzz is that IDBI is a strong contender for selling its stake in the premier bourse. |
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| When contacted, IDBI Chairman V P Shetty said, "It's too premature to talk anything in this regard." |
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| The market buzz, however, refuses to die down, with the IDBI counter attracting big buying interest in recent days. The IDBI stock rose by a handsome 13.46 per cent to Rs 97.75 last week. |
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| After its deal with the NSE, the IFCI scrip was on fire and rose 142.44 per cent in a month to Rs 26.51. |
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| "Many financial institutions and banks are in the process of increasing their net worth by selling equity investments wherever they find good valuations," investment banking sources said. ICICI Bank diluted its NSE stake and was in the process of finding buyers for its stake in other ventures, they added. |
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| IDBI has 18 per cent stake in SHCIL, 25 per cent in NSDL and around 10-15 per cent in the NSE and Sidbi. According to unofficial estimates, the company could earn nearly Rs 2,400 crore if it sells its NSE stake alone. |
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| The stake sale story is also unfolding at the ICICI Bank counter as well. In recent times, the country's largest private sector bank was also seen selling stakes in various institutions "� Federal Bank, the National Commodity & Derivatives Exchange (NCDEX), the NSE, among others. There is a buzz that ICICI Bank is also looking at divesting its stake in 3i Infotech gradually. |
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| Similarly, in the case of IFCI, the buzz is that the ailing Delhi-based financial institution could fetch another Rs 550 crore through an NPA recovery from Malvika Steel alone. |
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