IDBI Bank approves divestment of its holding in North Eastern Development Finance Corporation Ltd

IDBI was holding the 25% of the Share in North Eastern Development Finance Corporation Ltd.

IDBI Bank approves divestment of its holding in North Eastern Development Finance Corporation Ltd

New Delhi: IDBI Bank's board in its meeting held on Wednesday September 28, 2022 approves the divestment of IDBI Bank's holding in North Eastern Development Finance Corporation Ltd.

In its BSE filing the bank mentioned, 

'It is hereby informed that the Board of Directors of IDBI Bank Ltd., at its meeting held on Wednesday, September 28, 2022, granted in-principle approval for divestment of Bank's stake in North Eastern Development Finance Corporation Ltd. (NEDF i)."

IDBI was holding the 25% of the Share in North Eastern Development Finance Corporation Ltd.

About NEDFi:

NEDFi is notified as a Public Financial Institution and was registered as an NBFC in 2002 with RBI that provides financial assistance to micro, small, medium and large enterprises for setting up industrial, infrastructure and agri-allied projects in the North Eastern Region of India.

The management of NEDFi has been entrusted upon the Board of Directors comprising representatives from shareholder institutions, DoNER, State Governments and eminent persons from the NE Region and outside having wide experience in industry, economics, finance and management.