IDBI Bank to sell up to 49% shares in 2 subsidiaries

IDBI Bank will sell up to 49% stake in its subsidiaries IDBI Capital Markets & Securities Ltd (ICMS) and IDBI Intech Ltd (IIL).

The board of directors of IDBI Bank has given in-principle approval to divest or dilute IDBI Bank's stake in its subsidiaries namely IDBI Capital Markets & Securities Ltd (ICMS) and IDBI Intech Limited (IIL) to the extent of 49% 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 ₹33.50 on the BSE, down by 1.90% from the previous close.