IDBI sells its 18.95% stake in Stock Holding Corporation to IFCI

NEW DELHI: Public sector IDBI Bank has divested its entire 18.95 per cent stake in Stock Holding Corporation of India to IFCI Ltd.

"Informed BSE that the bank has divested its entire equity holding of 39,90,000 shares (18.95 per cent) in Stock Holding Corporation of India Ltd. (SHCIL) to IFCI Ltd," IDBI Bank said in a regulatory filing to the exchange.

IDBI, a new generation government-owned bank, had reported a net profit of Rs 104 crore for the quarter ended December 31, 2013.

IDBI shares closed at Rs 65 apiece on BSE today, up 1.40 per cent from previous close.