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The National Bank for Agriculture and Rural Development(NABARD), has acquired an additional 7% stake in Small Industries Development Bank of India(SIDBI),from IDBI Bank, for Rs.900 crore.
NABARD, now owns 10% of SIDBI. IDBI had informed exchanges last month, that it has managed to sell 10% of its stake in SIDBI and as per the data provided by SEBI, 7% was brought by NABARD and LIC brought 2% stake.
NABARD is expected to benefit from the investment in SIDBI, as SIDBI is in process of implementing transformation, in its structure and products, which is likely to maximize returns for all shareholders.
