IDBI Bank To Sell Up To 49% In Two Subsidiaries, To Retain Controlling Stake

IDBI Bank Ltd. will sell up to 49 percent stake in its subsidiaries IDBI Capital Markets & Securities Ltd. and IDBI Intech Ltd.

The board of directors of IDBI Bank has given in-principle approval to divest or dilute IDBI Bank's stake in its subsidiaries ICMS and IIL to the extent of 49 percent to the prospective investors, the private sector lender said in a regulatory filing.

IDBI Bank said it will retain controlling stake in the subsidiaries with itself.

Shares of IDBI Bank closed at Rs 33.50 on the BSE, down by 1.90 percent from the previous close.