Why IDBI Bank shares are trading higher today
SEBI has given nod to reclassification of the government’s shareholding in IDBI Bank as ‘public’ post its stake sale in the lender.
SEBI has given nod to reclassification of the government’s shareholding in IDBI Bank as ‘public’ post its stake sale in the lender.
The market regulator has also directed the new buyer to comply with minimum public shareholding norms within one year of the sale.
Government as well as LIC will sell a little over 30% stake each in the bank along with the transfer of management control.
The Life Insurance Corporation (LIC) of India and the central government are planning to sell up to 65% stake in IDBI Bank.
Govt holds a 45.48% stake in IDBI Bank, while 49.24% is owned by LIC, accounting for about 94% shareholding in the bank. Both parties could sell a partial stake
IDBI Bank shares gained 5.5% to hit a high of ₹49.8 on the BSE amid reports that the central government and LIC of India will sell their stake in the lender.