IDBI Bank to sell 5% stake in NSE

At the end of quarter ending September 2014, the public sector lender held early 23 lakh shares…

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RBI will intensify field visits to check mis-selling as well as the proper functioning of bank infrastructure such as branches and ATMs.

IDBI Bank will sell its entire 5 per cent stake in country’s leading stock exchange NSE in a transaction that may fetch the public-sector lender about Rs 1,000 crore.

At the end of quarter ending September 2014, the public sector lender held early 23 lakh shares of the National Stock Exchange (NSE) representing a 5 per cent stake in the bourse.

The NSE commands a market value of nearly USD 3.5 billion (about Rs 21,000 crore) as per the previous transaction. This would peg the value of IDBI’s 5 per cent stake at more than Rs 1,000 crore.

In public notice today, IDBI Bank has invited “expression of interest (EoI) for sale of equity shares up to 5 per cent of the paid up equity share capital of the National Stock Exchange of India Ltd (NSEIL)”.

“This EoI is neither a prospectus nor an offer to the public for the sale of shares. IDBI Bank Ltd a client of IDBI Capital Market Services Ltd intends to sell the shares upto NSEIL,” it added.

Interested parties are to submit the EoI by January 20, 2015.

As per the latest shareholding pattern, other major shareholders of NSE are — Life Insurance Corporation (10.51 per cent), State Bank of India (10.19 per cent), IFCI (5.55 per cent) and IDFC (5.33 per cent).

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