TestCloud
Prep • Practice • Perform
Log In

IDBI Bank Divests Entire 21.14% Stake in PIPDIC to Puducherry Government for ₹18.83 Crore.

Banking & Finance | Dated: 21 May 2025

In May 2025, Mumbai-based IDBI Bank Limited, a private sector bank in India, finalized the sale of its entire 21.14% stake in Puducherry Industrial Promotion Development and Investment Corporation Limited (PIPDIC) to the Government of Puducherry for Rs. 18.83 crore.

🎯 Key Highlights:

  • - This move is part of IDBI Bank’s broader portfolio rationalization strategy.
  • - The bank sold 8,54,000 equity shares of PIPDIC, each with a face value of Rs. 100, representing its full 21.14% ownership in the corporation. Prior to this transaction, the Government of Puducherry held a 78.86% stake in PIPDIC and, with this acquisition, has now become the sole owner of the company.

💡 Other Important Facts:

  • (i) The deal was completed on 13th May 2025, transferring complete control of PIPDIC to the Puducherry government.
  • (ii) Established in 1974, PIPDIC aims to foster industrial growth and provide financial support to entrepreneurs in Puducherry.

📚 Test Your Knowledge:

Which bank sold its entire 21.14% stake in PIPDIC to the Government of Puducherry in May 2025?

Correct Answer: IDBI Bank

🚀 Quick Recap:

About IDBI Bank

  • CEO & MD : Rakesh Sharma
  • Headquarter : Mumbai