Raj Kumar exits IDBI Bank as LIC Nominee Director

Raj Kumar has exited the Board of IDBI Bank as its LIC Nominee Director effective Sunday, the lender informed the BSE in a regulatory filing dated May 18. The development came as Kumar completed his tenure on the board. 

IDBI Bank has made the announcement in compliance with Regulations 30 and 51 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The bank has requested the exchanges to take the updated information on record.

In another significant move, IDBI Bank has fully divested its 21.14% stake in the Pondicherry Industrial Promotion Development and Investment Corporation Ltd. (PIPDIC), an associate company of the bank. According to the filing dated May 13, the bank sold its entire holding of 8,54,000 shares, each with a face value of ₹100, to the Puducherry government. This divestment was in continuation of an earlier disclosure dated January 20.

The transaction aligns with the SEBI Master Circular dated November 11, 2024, and the bank has submitted the requisite annexure detailing the divestment.

Both updates underscore IDBI Bank’s ongoing efforts in board-level governance and portfolio streamlining, in line with regulatory compliance.