New Delhi, Dec 29 (PTI) State-owned IDBI Bank today said it has further sold 4.89 per cent stake in SIDBI for an undisclosed amount. Also Read - Stock Market News Today, 16 February 2021: Sensex Opens at New High, Nifty Tops 15,000; ONGC, Kotak Bank Among Big Gainers
“IDBI Bank has sold further 2,6,000,000 equity shares constituting 4.89 per cent of the paid up capital of Small Industries Development Bank of India (SIDBI) on December 29, 2017,” the bank said in a regulatory filing. Also Read - Sensex Hits Lifetime High With Over 600 Pts in Early Trade, Nifty Rallies Above 15,100
Earlier, the bank had sold stakes of 1 per cent and 9.03 per cent in two tranches towards the end of September this year. Also Read - IRFC IPO Allotment Today: Check Where, When And How to Check Your Application Status
IDBI Bank had said that the intention to sell stake was to mobilise funds by existing non-core business.
SIDBI was originally 100 per cent owned by IDBI, when it was a term lending institution. Later in 2000, it divested 51 per cent stake in favour of government-owned banks and insurance companies.
Stock of IDBI Bank closed 0.83 per cent lower at Rs 59.85 apiece on the BSE today.
This is published unedited from the PTI feed.