IDBI Bank has put off a plan to immediately sell its stake in National Stock Exchange of India (NSE) as the lender expects to get a higher price when the exchange sells shares to the public for the first time. IDBI Bank held a 5% stake NSE.
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IDBI Bank has been in a sell mode since the start of the calendar year and they have divested more than half of what they owned in NSE in the current calendar year. Like several state-owned banks facing non-performing assets (NPA) issues, IDBI had been selling the NSE stake to shore up its balance sheet.
IDBI Bank started the last sale process at a time when the NSE was firming up its plans to go public. Given that the management said that they will look to file the DRHP (draft red-herring prospectus) for the same latest by January end, buyers can see a clear liquidity event in the near future, which makes buying the stake very attractive. NSE IPO values it at Rs 45,000 crore.