IDBI Bank gains on stake sale in NSE to LIC

IDBI Bank has sold 9,00,000 equity shares constituting 2% stake in NSE to LIC

Shares of IDBI Bank were up nearly 2% at Rs 71 on the Bombay Stock Exchange after the company announced sale of its stake in National Stock Exchange.

The company in a release said that it has sold 9,00,000 equity shares constituting 2% of the paid-up capital of National Stock Exchange of India Ltd to Life Insurance Corporation of India on March 30, 2016.

The stock opened at Rs 70.50 and touched a high of Rs 71.50. At 1pm, over 4.34 million shares were traded on both the stock exchanges.