IDBI Bank pares stake in CARE to 3.4%

State-owned IDBI Bank on Monday said it has cut its stake in rating agency CARE to 3.40 per cent from 6.12 per cent.

The Bank sold 8,00,773 shares in open market, IDBI Bank said in a regulatory filing on stock exchanges.

At Monday's market price, the Bank would have raised close to Rs 100 crore from lowering its stake in the rating agency.

Shares of the CARE on Monday closed at Rs 1,242.20 per unit down 0.93 per cent on the BSE.