IDBI Bank to divest stake in two subsidiaries

IDBI Bank's Board on Tuesday gave "in-principle approval" to divest its stake in IDBI Capital Market Securities (ICMS) and IDBI Intech Limited (IIL).

According to a regulatory filing issued on Tuesday, the lender will divest its stake to the extent of 49 per cent to prospective investors in ICMS and IIL.

However, the bank will retain controlling stake in both the subsidiaries.IANS