IDBI Bank has put off its plans to immediately offload stake in the National Stock Exchange (NSE) in anticipation of a higher price once the stock lists, an article in Mint today says.
IDBI Bank has put off its plans to immediately offload stake in the National Stock Exchange (NSE) in anticipation of a higher price once the stock lists, an article in Mint today says.
Troubled by a stressed balance sheet like most other industry peers, IDBI Bank has already divested more than half of its holdings in NSE in the year so far.
From the 5 percent stake held at the start of 2016, the bank sold 2 percent to Life Insurance Corp. by end of March at Rs 3,900 per share totaling Rs 351 crore. Later, in July, the bank's chief Kishor Kharat told The Hindu Business Line that it would look to sell the balance 3 percent during the financial year exiting NSE completely. Capital is critical and the lender cannot afford to hold a stake in NSE at the cost of growth, Kharat said
IDBI did launch a stake sale thereafter in August but offloaded only about 1.5 percent to Mauritius-registered TIMF Holdings. This sale though, is believed to have been at a much higher price of Rs 5,100 per share, raising hope the stock will list and subsequently trade at a much higher price.
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