Stocks

IDBI Bank to sell stake in NSE; shares jump 3%

BL Internet Desk Chennai | Updated on January 09, 2018 Published on November 28, 2017

idbi

Shares of state-owned lender IDBI Bank jumped as much as 3 per cent on Tuesday as the bank had said on Monday that it planned to sell 1.5 per cent stake in the National Stock Exchange (NSE).

This is a part of an exercise the bank has initiated to exit from non-core businesses. At its meeting on Monday, the board of IDBI Bank had 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, IDBI Bank said in a filing with the stock exchanges.

After opening strong at Rs 63.50 against the previous close of Rs 62.10, the scrip touched an intraday high of Rs 63.90 and a low of Rs 62.25. In terms of equity volume, 48,91,357 shares were traded on the NSE.

The shares ended up by 0.97 per cent at Rs 62.70.

Last year, IDBI Bank had sold 2 per cent stake in NSE to the country’s largest insurer Life Insurance Corporation. The bank had sold 9 lakh equity shares of the NSE to LIC in March 2016.

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Published on November 28, 2017
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