IDBI BANK TO SELL STAKE IN NONCORE BIZ

MUMBAI: IDBI Bank Ltd’s board has approved a plan to sell some of its non-core assets, the stateowned lender told stock exchanges on Tuesday. The bank is in need of a massive capital boost as it reported a gross bad loan ratio of 15.16% at the end of December. The talk of IDBI Bank divesting its non-core investments has been on since the management spoke about it first in May 2016. At the time, Kishor Kharat, MD and CEO of the bank, had said that the bank aimed to raise ₹19,000-20,000 crore by March 2019, of which about ₹6,500 crore would come from sale of non-core assets.