IDBI Bank sold approximately 48 million shares of SIDBI, bringing down its shareholding to 3.68% from 12.71%. Earlier on Monday, IDBI Bank had sold a 1% stake in SIDBI, also for an undisclosed amount.
The bank had mandated SBI Capital Markets to look for buyers for its entire 16.25% stake in the financial institution. Out of the total stake put for sale, Life Insurance Corp. of India (LIC) bought 2% while Vijaya Bank picked 0.5%.
SIDBI is the principal financial Institution for the promotion, financing and development of the micro, small and medium enterprise sector. At the inception, IDBI Bank held a 100% stake in SIDBI. In 2000, the lender sold 51% to state-owned banks and financial institutions.
Shares of IDBI Bank on Wednesday closed at Rs 52.25, down 2.34% on BSE, while the benchmark Sensex closed at 31,159.81 points, down 1.39%.
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