IDBI Bank to sell 30% stake in NEGIL

State-owned lender IDBI Bank on Tuesday said it will sell 30% stake in NSDL e-Governance Infrastructure (NEGIL).

This is a part of exercise to exit from non-core business.

The "board of directors of IDBI Bank... have by way of circular resolution approved sale of 1,20,00,000 equity shares of NSDL e-Governance Infrastructure Ltd (NEGIL) constituting 30% stake held by the bank", it said in a filing to stock exchanges.

Last month, IDBI Bank's board also approved sale of 1.5% stake in the leading bourse National Stock Exchange (NSE).

The bank had sold nine lakh equity shares constituting 2% of the paid-up capital of the National Stock Exchange to Life Insurance Corporation of India on March 30, 2016.