Mumbai, July 08: Industrial Development Bank of India (IDBI) is to acquire 10 per cent equity stake in Nepal Development Bank Ltd (NDBL), a private sector bank based in Kathmandu. IDBI has agreed to subscribe to equity shares of NDBL and the latter would allot 1,60,000 equity shares aggregating Rs one crore, IDBI informed the Mumbai Stock Exchange.

A formal subscription agreement was signed yesterday between IDBI and NDBL, it said. This subscription constitutes 10 per cent of the paid-up capital of NDBL, it said.

IDBI has subscribed in full to the quota earmarked by the Nepal-based entity for subscription of foreign banks or financial institutions, it added. Bureau Report