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IDBI Bank Sells 1% Stake in Sidbi
October 03, 2017
Public sector IDBI Bank said that it has sold 1% equity in Small Industries Development Bank of India (Sidbi) as a part of its strategy for the mobilization of funds by exiting non-core businesses.
The 1% stake that comprises of 53,19,200 shares has been sold for a confidential amount to an undisclosed buyer. The sale took place on September 22, the bank said in a regulatory filing.
Sidbi was once 100% owned by IDBI. However, in 2000, the lender sold 51% stake to government owned banks and insurance companies.
