IDBI Bank Zooms 7% On Cabinet Nod For Strategic Stake Sale

IDBI Bank: The centre and LIC together own more than 94 per cent equity in the bank, with the centre owning 45.48 per cent and LIC owning 49.24

IDBI Bank share price jumped over 7 per cent in afternoon trading after the Cabinet Committee on Economic Affairs (CCEA), on Wednesday, gave its in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank. At 12:00 pm, the shares of IDBI were trading at Rs 40.70, higher by 7.25 per cent, on the BSE. The extent of shareholding to be divested by the centre and LIC will be decided at the time of structuring of transaction in consultation with the Reserve Bank of India. The centre and LIC together own more than 94 per cent equity in IDBI Bank, with the centre owning 45.48 per cent and LIC owning 49.24. LIC is the promoter of IDBI Bank with management control and the cventre is the co-promoter.