IDBI Bank shares zoom 15% as Cabinet gives in-principle nod to divestment

The government and LIC together own 94.72 per cent of equity of IDBI Bank

Shares of IDBI Bank surged 15 per cent to Rs 43.50 on the BSE in the intra-day trade on Thursday after the Cabinet Committee on Economic Affairs gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank.

At 09:21 am, the stock was trading 9 per cent higher at Rs 41.35 on the BSE on the back of heavy volumes. Around 2.7 million equity shares had changed hands on the BSE in the first few minutes of trade, as compared to an average 1.74 million shares traded in the past two weeks. In comparison, the