IDBI Bank will look to completely exit the NSE this fiscal by selling its remaining 3 per cent holding in the country’s top bourse, Kishor Kharat, Managing Director & Chief Executive Officer, has said.
“The necessity today is of capital. I cannot hold NSE at the cost of my growth,” Kharat told BusinessLine on the sidelines of an event to mark the launch of ‘IDBI Express’, a low-cost banking model of IDBI Bank.
IDBI Bank had last fiscal sold 2 per cent stake in NSE as part of its efforts to sell non-core assets.
Kharat also said that IDBI Bank will look to list IDBI Capital in the stock exchanges this fiscal and also find a strategic investor for its mutual funds business.
“IDBI Capital will soon open an office in Dubai. We also want to unlock value of our investments in IDBI Capital and so will pursue its listing,” Kharat said.
Kharat also said IDBI Capital wants to pare shareholding in its life insurance venture IDBI Federal Life Insurance Company to 31 per cent from the existing 48 per cent.
SBI, IFCI in queueIDBI Bank is among several top notch public sector entities that are looking to exit NSE and make a tidy profit on their investments. Both IFCI and SBI have already expressed intent to sell their investments in NSE. IFCI is looking to sell 3.05 per cent stake in NSE this fiscal. It aims to realise at least ₹3,950 a share.