IDBI Bank surges 11% as govt invites bids for strategic divestment

LIC, which owns 49.2% in IDBI Bank, will cut its stake to 19%, while the government will reduce its shareholding to 15% from 45.5% at present

Shares of IDBI Bank rallied 11 per cent to Rs 47.40 on the BSE in Monday's intra-day trade, in an otherwise a weak market, after the finance ministry invited initial bids for strategic disinvestment in the lender. The government aims to jointly sell 60.7 per cent stake in the lender along with the Life Insurance Corporation (LIC).

At 09:16 AM, the stock was trading 9 per cent higher at Rs 46.65, as compared to 1.2 per cent decline in the S&P BSE Sensex. A combined 6.9 million shares changed hands on the NSE and BSE in th first few minutes of