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IDBI Bank shares rise 5% as govt to initiate stake sale within three weeks

IDBI Bank shares rise 5% as govt to initiate stake sale within three weeks

IDBI Bank hit an intra day high of Rs 49.8, rising 5.51% on BSE. The share opened with a gain of 3.07% at Rs 48.65 against the previous close of Rs 47.20.

IDBI Bank stock trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages. IDBI Bank stock trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.

Shares of public sector lender IDBI Bank rose over 5% today as the government is likely to start the process of selling its stake in the lender within 3 weeks.

The share opened with a gain of 3.07%  at Rs 48.65 against the previous close of Rs 47.20 on BSE. IDBI Bank hit an intra day high of Rs 49.8, rising 5.51% on BSE.

The banking stock trades higher than 5 day, 20 day, 50 day and 200 day moving averages but lower than 100 day moving averages.

Also read: EOI for strategic sale of IDBI likely within 3 weeks, say govt sources

The stock has risen 71.18% in one year and gained 6.25% since the beginning of this year.

Total 10.63 lakh shares of the firm changed hands amounting to a turnover of Rs 5.22 crore on BSE. Market cap of the firm rose to Rs 53,009 crore on BSE. The stock hit a 52 week high of Rs 65.25 on October 18, 2021 and a 52 week low of Rs 28.65 on February 16, 2021.

The government is likely to come out with expression of interest for the sale of IDBI Bank within 3 weeks, people with knowledge of the matter told Business Today TV.

"There has been no delay, these processes involve many regulatory approvals and take time," says a finance ministry official on condition of anonymity.

Government of India and LIC own over 94 per cent of equity in IDBI Bank. LIC, which currently holds management stake in the lender has 49.24 per cent stake, while Government of India, as a co-promoter owns 48.48 per cent.

Published on: Feb 16, 2022, 10:47 AM IST
Posted by: Aseem Thapliyal, Feb 16, 2022, 10:42 AM IST