IDBI Bank to sell 11.1% stake in NSDL

31 Mar 2022 , 08:18 AM

IDBI Bank said that the board granted in-principle approval for divestment of Bank’s stake upto 11.10% of paid up share capital of National Securities Depository Ltd. (NSDL).

In the regulatory filing, the bank said, “It is hereby informed that the Board of Directors of IDBI Bank Ltd., at its meeting held on Tuesday, March 29, 2022, granted in-principle approval for divestment of Bank’s stake upto 11.10% of paid up share capital of National Securities Depository Ltd. (NSDL) through market driven process in compliance of SEBI DP Regulation 2018.”

Also, the bank is planning to sell its entire stake of 20 crore equity shares in Ageas Federal Life Insurance (AFLI). The stake would be sold to Ageas Insurance International NV, the global insurance giant, which had entered into a joint venture with IDBI Bank in 2014 to set up AFLI.

The stock ended at Rs43 up by Rs0.15 or 0.35% from its previous closing of Rs42.85 on the BSE. The scrip opened at Rs43.50 and touched a high and low of Rs44.20 and Rs42.70 respectively.