IDBI Bank sells 30% NEGIL stake to IIFL Wealth for Rs 11 billion

Capital-strapped public sector lender IDBI Bank has raised about Rs 11 billion by selling its entire 30 per cent stake in NSDL e-Governance Infrastructure (NEGIL) to IIFL Wealth Management.

IDBI sold 12 million equity shares on February 15, banking sources said. There were three bidders. IIFL Wealth offered the highest price. The National Stock Exchange (NSE) also participated.

The bank had raised about Rs 21 billion through auction of non-core assets between April and December 2017. The NEGIL stake sale is part of the effort. NEGIL is promoted by IDBI, NSE Strategic Investment Corporation and the Specified Undertaking of the Unit Trust of India (SUUTI).

ICICI Securities is advising IDBI on the entire process of divestment of up to 12 million shares.