IDBI Bank to divest its stake in SHCIL

IDBI Bank today said it plans to sell its part or full stake in Stock Holding Corporation of India Ltd (SHCIL).
The Board at its meeting held on February 28, 2014 accorded its in-principle approval for initiating the process for part or whole divestment of bank's shareholding in SHCIL, IDBI Bank said in a filing on the BSE.
IDBI owns 18.9 per cent equity in SHCIL, with the other shareholders being IFCI 33 per cent, GIC 14 per cent and SUUTI and LIC with 17 per cent each.
It would be subject to compliance with all applicable laws, regulations and guidelines, it said.

Earlier, IDBI Bank had plan of merging this with itself.
SHCIL is country's first and one of the largest security custodians to financial institutions.
As a custodian, SHCIL holds securities on behalf of banks, mutual funds, corporates, FIIs, venture capital funds and other institutional entities.