IDBI announces 7 per cent disinvestment in NSDL
Tanay Loya / 07 Dec 2017
IDBI Bank announced that its board of directors has approved sale of 27,99,999 equity shares of National Securities Depository Ltd. (NSDL). The sale constitutes 7 per cent of NSDL’s total paid up equity capital and and reduces IDBI's stake in NSDL to 23 per cent.
IDBI Bank announced that its board of directors has approved sale of 27,99,999 equity shares of National Securities Depository Ltd. (NSDL). The sale constitutes 7 per cent of NSDL’s total paid up equity capital and and reduces IDBI's stake in NSDL to 23 per cent.
The move is a part of an exercise that the bank has initiated to exit from non-core businesses. Last month, the bank had announced plans to sell 1.5 per cent stake in the leading bourse National Stock Exchange (NSE).
At 15:28 hours, IDBI Bank was trading at Rs 59.55, up Rs 0.55, or 0.93 per cent on the NSE. The scrip opened at Rs 59.80 and touched a high and low of Rs 60 and Rs. 58.95, respectively. The stock attracted a traded volume of 30,43,824 shares on NSE. The market capitalisation of the company stands at Rs 3,128.71 crore.
The stock is expected to remain under pressure as its net NPA stood at Rs. 29,488 crore in September quarter, witnessing 62 per cent YoY increase.