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Report: India's NABARD buys additional stake in SIDBI for 9B rupees

National Bank for Agriculture & Rural Development, or NABARD, acquired an additional 7% stake in Small Industries Development Bank of India, or SIDBI, from IDBI Bank Ltd. for 9 billion Indian rupees, Mint reported Oct. 9, citing "two people familiar with the matter, including SIDBI Chairman Mohammad Mustafa."

The transaction brings NABARD's stake in SIDBI to about 10%, making it the largest investment made by the company so far, according to the report.

Earlier in September, IDBI Bank sold a 10.03% stake in SIDBI for an undisclosed sum, as part of efforts to divest some of its noncore assets. Of this, 6.99% of the shares were bought by NABARD, 2.04% by Life Insurance Corp. of India, or LIC, and 0.5% each by Vijaya Bank and Canara Bank, the report said, citing data from SIDBI.

An email inquiry and calls to NABARD did not elicit any response, the publication said.

As of Oct. 6, US$1 was equivalent to 65.47 Indian rupees.