The National Bank for Agriculture and Rural Development (NABARD) has bought an additional 7% stake in Small Industries Development Bank of India (SIDBI) for Rs 900 crore from public sector lender IDBI Bank Ltd.
This is the largest investment made by the apex rural financial institution so far, and raises its total shareholding in Sidbi to 10%. According to data shared by Sidbi, existing shareholders bought most of these shares – 6.99% by Nabard, 2.04% by Life Insurance Corp. of India (LIC), 0.5% by Vijaya Bank and 0.5% by Canara Bank. With this, LIC holds 14.25% in SIDBI, Vijaya Bank 0.8% and Canara Bank 3.64%.
Important Takeaways from Above News-
- Harsh Kumar Bhanwala is the present Chairman of NABARD.
- Mohammad Mustafa is SIDBI’s CMD.
- Mahesh Kumar Jain is the Managing Director & CEO of IDBI Bank.