IDBI Bank gives in-principal nod to divest 7.4 mn shares held in NSE

State-owned lender IDBI Bank today said it plans to sell 1.5% stake in the leading bourse National Stock Exchange (NSE).

This is a part of exercise to exit from non-core business.

The board of IDBI Bank at its meeting held today granted in-principle approval to divest 74,15,680 equity shares, amounting to 1.5% stake, of the NSE held by the bank, it said in a filing to stock exchanges.

Last year, IDBI Bank sold 2% stake in NSE to the country's largest insurer LIC. The bank had sold 9 lakh equity shares constituting 2% of the paid-up capital of the NSE to LIC on March 30, 2016.