IDBI Bank shares up almost 15% intraday on Govt decision to divest stake
May 06, 2021
LIC too may reduce its shareholding in the bank
IDBI Bank’s shares rose almost 15 per cent in Thursday’s trading vis-a-vis the previous close as the Government decided on a strategic disinvestment of its stake and transfer of management control in the Bank.
In intraday trading so far, the bank’s shares touched a high ₹43.50 apiece and a low of ₹40.15. The shares closed at ₹37.95 on Wednesday.
The bank, in a regulatory filing on Wednesday, said the Department of Investment and Public Asset Management (DIPAM) has informed that the Cabinet Committee on Economic Affairs has given its in-principle approval for strategic disinvestment of Government of India’s (GoI) stake, along with transfer of management control in IDBI Bank Ltd.