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IDBI Bank shares jumped about 9 per cent in Monday’s trading so far after the Government initiated the process to sell over 30 per cent of its stake by inviting an Expression of Interest (EoI).
IDBI’s present promoter, Life Insurance Corporation of India (LIC), too, will sell over 30 per cent of the stake.
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Govt, LIC to divest 60.72% along with management control in IDBI Bank
Centre will divest a 30.48 per cent stake, while LIC will sell off 30.24 per centAs per the Preliminary Information Memorandum (PIM) issued by the Department of Investment & Public Asset Management (DIPAM), the Central Government will sell 30.48 per cent, and LIC will sell 30.24 per cent “aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank”.
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This will place IDBI Bank in a comfortable fourth position among private lenders, up from its seventh rankAs on March 31, 2022, LIC held a 49.24 per cent stake, while the Centre held 45.48 per cent in IDBI Bank.
At 10.58 am, IDBI Bank shares were trading at ₹46.55 apiece, up about 9 per cent over the previous close.
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