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March 18, 2002 | 1830 IST
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Money > Business Headlines > Report March 18, 2002 | 1830 IST |
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RBI sells 14% STCI stake to IDFCThe Reserve Bank of India has sold its remaining 14.41% stake in Securities Trading Corporation of India to Infrastructure Development Finance Corporation. "RBI, which initially held 50.18 per cent stake in STCI, brought its holding down to 14.41 per cent in 1997. Now, it has sold this stake to IDFC," STCI officials said. Currently, Bank of India has the largest share of 28.15 per cent in STCI, which is the country's largest primary dealer in government papers. "IDFC now becomes a strategic investor in the company. This provides an opportunity for IDFC to make an entry into the fixed income market," the officials said. The sale of the STCI holding is in line with the stated policy of withdrawing from the management of corporations regulated by the central bank. ALSO READ:
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