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State-owned lender IDBI Bank today said it plans to sell 1.5 per cent 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 per cent stake, of the NSE held by the bank, it said in a filing to stock exchanges.
Last year, IDBI Bank sold 2 per cent stake in NSE to the country’s largest insurer LIC. The bank had sold 9 lakh equity shares constituting 2 per cent of the paid-up capital of the NSE to LIC on March 30, 2016.
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