Idbi Bank: There Is A Tremendous Jump In The Shares Of This Bank On The Downturn In The Market

Shares of IDBI Bank, going from government to private, have gained up to ten percent in the midst of a downturn in the stock market. Shares on the Bombay Stock Exchange climbed 11% to Rs 47.40. Explain that the government and LIC together have invited bids to sell their 60.72 percent stake in IDBI Bank. The market has reacted positively to this news, which has benefited the company’s investors by more than Rs 5000 crore.

DIPAM invites bids

EOI for disinvestment in IDBI Bank has been issued. DIPAM has invited bids for investment. Explain that the government will sell its 30.4% stake in IDBI Bank. At the same time, LIC will sell 30.24 percent stake.

It will be mandatory to take approval from the Ministry of Home Affairs

For the first time, the government has made it mandatory for companies to take the approval of the Ministry of Home Affairs in the first phase itself for buying stake in IDBI Bank. Earlier, bidding companies involved in the process of privatization of Centrally Controlled Public Sector Undertakings (CPSEs) were obliged to obtain security clearance in the second phase.

Bidding can be done till December 16

The government and LIC together are going to sell 60.72% percent stake in IDBI Bank. According to the EOI issued by DIPAM for disinvestment in the bank, the bidders will be able to bid for it till December 16.

5000 crore profit to the investors due to the strength of the company’s shares

Shares of IDBI Bank have strengthened up to ten percent in Monday’s trading in the stock market. Investors have benefited a lot from this strength in the shares. Due to this increase, his wealth has increased by more than Rs 5000 crore. On September 7, 2022, the shares of the bank closed at Rs 42.70. The market cap of the bank at this price was Rs 45,912.75 crore. Shares of IDBI Bank reached a high of Rs 47.40 in intra-day on Monday. Now the market cap of the company has increased by Rs 5,053.64 crore to Rs 50,966 crore.