IDBI Bank Gains 6% On Advancement In Strategic Divestment Of The Bank

IDBI Bank in early trade on June 23, 2021 opened on a positive note. At 9:17 am, the lender's scrip traded higher by 3.89% at 40.10, while it hit the day's high price of Rs. 40.9. Meanwhile, indices traded firm with Nifty holding below 15,800 points.

IDBI Bank Gains 6% On Advancement In Strategic Divestment Of The Bank

The gains on the scrip are on the back of progress in strategic divestment of IDBI Bank. On Tuesday, the DIPAM or department of investment and public asset management, part of the finance ministry issued a RFP or Request for Proposal that invited legal and transaction consultants for taking ahead the divestment of IDBI Bank.

In accordance with the plan, the centre shall completely divest its stake of 45.48% in the lender, worth as much as Rs. 19000 crore considering the current market prices. Also, the country's largest insurance company LIC will also offer to divest a part of its 49.24% holding in the bank in order to renounce management control.

Last at around 9:30 am, the scrip traded higher by 3.89% at Rs. 40.10

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