IDBI Bank announced that it had sold 7,99,999 equity shares of National Securities Depository (NSDL) for an undisclosed amount. This sale constitutes 7% of NSDL’s paid up capital. This stake sale reduces IDBI Bank’s stake in NSDL to 23%.
The bank had earlier stated its intention to sell the entire stake of NSDL as part of efforts to sell off all non-core investments. Earlier this year, IDBI Bank had sold 5% of Clearing Corporation of India Ltd (CCIL) as well as a 9% stake in the Small Industries Development Bank of India (SIDBI). The bank still holds a 2.5% and 3.68% stake in CCIL and SIDBI.
This news is a positive for the bank. However, the stock is likely to still remain under pressure as net NPA's stood at Rs29,488cr as on Sep 30, 2017, an increase of 62% YoY.
The stock is currently trading at Rs59.65, up by Rs0.85 or 1.45% from its previous closing of Rs58.8 on the BSE.
The scrip opened at Rs60 and has touched a high and low of Rs60 and Rs59.15 respectively.
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