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IDBI Bank to sell stakes in National Stock Exchange, IDBI Trusteeship

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IDBI Bank to sell stakes in National Stock Exchange, IDBI Trusteeship

IDBI Bank Ltd. is seeking to find buyers for its stakes in National Stock Exchange of India Ltd., IDBI Federal Life Insurance Co. Ltd and IDBI Trusteeship Services Ltd. as part of plans to shed noncore assets.

The bank said Nov. 27 that it received in-principle approval from its board to divest 7,415,680 shares, or a 1.5% stake, in NSE. The announcement came after the bank sold a 1.5% stake in the bourse to TIMF Holdings in September.

Meanwhile, the bank is also looking to sell its stakes in IDBI Federal Life and IDBI Trusteeship Services, The Times of India reported. The bank holds 48% and 54.70% stakes in IDBI Federal Life and IDBI Trusteeship Services, respectively.

In June, IDBI Bank announced its plan to sell noncore assets worth 50 billion rupees during the 2017-2018 fiscal year to boost its capital.

As of Nov. 27, US$1 was equivalent to 64.49 Indian rupees.