New Delhi: As the reports of came out that government is mulling to kickstart the privatization of IDBI Bank this month, the shares of public sector lender registered a rise of more than 5 percent on Wednesday.
The government has announced that the process of selling its stake in the loan provider bank is likely to be started within 3 weeks.
On Bombay Stock Exchange (BSE), the stock opened at Rs 48.65 with a gain of 3.07 percent against the previous close of Rs 47.20. IDBI Bank gained 5.51 percent to reach an intraday high of Rs 49.8 on the BSE.
Interestingly, the stock has gained 71.18 percent in one year and is up 6.25 percent since the beginning of this year.
As pert the reports, a total of 10.63 lakh shares of the firm changed hands with a turnover of Rs 5.22 crore on BSE. The market cap of the firm increased to Rs 53,009 crore on BSE. The stock also hit a 52-week high of Rs 65.25 on October 18, 2021 and a 52-week low of Rs 28.65 on February 16, 2021.
The Government of India and LIC hold more than 94 percent equity in IDBI Bank. LIC, which currently holds a management stake in the lender, owns 49.24 per cent, while the Government of India, as a co-promoter, owns 48.48 per cent.
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