New Delhi: State-owned IDBI Bank plans to sell its entire 5 per cent stake in leading stock exchange NSE in the next fiscal as part of its capital raising exercise by existing non-core businesses.
"We are interested in selling stake but it may not happen within this fiscal (2014-15)," IDBI Bank Deputy Managing Director B K Batra told PTI.
"We have put out a public notice. Interest from investors are being received. We have not finalised at the moment," he said.
At the end of quarter ending September 2014, the public sector lender held nearly 23 lakh shares of the National Stock Exchange (NSE) representing 5 per cent stake in the bourse.
Many state-owned banks are looking at selling stake in their non-core business. Central Bank of India has begun the process of selling its housing finance business Cent Bank Home Finance Ltd.
Besides, Canara Bank has been reducing is stake in rating agency CARE.
The NSE commands a market value of nearly USD 3.5 billion (about Rs 21,000 crore) as per the previous transaction. This would peg the value of IDBI Bank's 5 per cent stake at more than Rs 1,000 crore.
In a public notice, IDBI Bank had invited "expression of interest (EoI) for sale of equity shares up to 5 percent of the paid up equity share capital of the National Stock Exchange of India Ltd (NSEIL)".
"This EoI is neither a prospectus nor an offer to the public for the sale of shares...," it had said.
Interested parties were required to submit the EoI by January 20.
IDBI Bank's capital adequacy ratio as on December 31 stood at 12.2 percent.
As per the latest shareholding pattern, other major shareholders of NSE are - Life Insurance Corporation (10.51 percent), State Bank of India (10.19 percent), IFCI (5.55 percent) and IDFC (5.33 percent).
