Indian public sector lender IDBI Bank has offloaded a 9.03% stake in the Small Industries Development Bank of India (Sidbi) for an undisclosed amount.
In a stock exchange filing, IDBI Bank said it sold approximately 48 million shares. The deal slashes its shareholding in Sidbi to 3.68% from 12.71%.
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On 25 September 2017, the bank sold 5.32m shares constituting 1% of the paid up capital of Sidbi to an undisclosed buyer.
The stake sale is part of the bank’s stated plans to liquidate stake in some non-core businesses to boost capital base.
Established in 1990, Sidbi is the principal financial Institution for the promotion, financing and development of the micro, small and medium enterprise sectors in India. IDBI Bank held a 100% stake in Sidbi at the inception.
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