IDBI to sell 49% stake in two of its subsidiaries, to retain control

IDBI Bank will sell up to 49 per cent stake in its subsidiaries IDBI Capital Markets & Securities Ltd (ICMS) and IDBI Intech Ltd (IIL).

The board of directors of IDBI Bank has given in-principle approval to divest or dilute IDBI Bank's stake in its subsidiaries namely IDBI Capital Markets & Securities Ltd (ICMS) and IDBI Intech Limited (IIL) to the extent of 49 per cent to the prospective investors, the private sector lender said in a regulatory filing.

IDBI Bank said it will retain controlling stake in the subsidiaries with itself.

Shares of IDBI Bank closed at Rs 33.50 on the BSE, down by 1.90 per cent from the previous close.