IDBI Bank share price, rocket shared with a news! Consider buying by reading the exact reason for stock growth – idbi share price banking stock jumps over 8 percent what is the reason
Poor investors! Anil Ambani’s RCom gave a big blow; 792 shares hit Rs.2
Strong rise in shares
Shares of IDBI Bank were trading up 8 percent in the market session around 12 noon on Friday. The state-owned bank’s stock opened at Rs 56 in the morning trading session and touched an intraday high of Rs 59.70. IDBI Bank’s today’s low is Rs 56.10 and the stock has gained 7.51 percent on BSE in the last five days. At the same time, IDBI Bank shares have gained 90.89 percent in the last six months.
How much share will the government sell?
In a market filing, IDBI Bank informed about this approval received from SEBI. The bank said that on January 3, 2023, approval was received from SEBI for reclassification of shareholding. However, SEBI imposed a condition and that is that the voting power of the government will be limited to 15 percent only. The government and Life Insurance Corporation (LIC) are trying to sell their 60.72 per cent stake in IDBI Bank.
Share of LIC and Govt
Both the government and the Life Insurance Corporation (LIC) hold 94.71 per cent stake in IDBI Bank, of which the central government holds 45.48 per cent, while LIC holds 49.24 per cent. The government had on October 7 last year called for tenders for expressions of interest from IDBI Bank. The government had also said some time ago that a consortium of foreign funds and investment companies would be allowed to acquire more than 51 percent ownership of IDBI Bank.
Good news for investors; LIC share will give huge returns, know what experts say
Union Finance Minister Nirmala Sitharaman while presenting the budget in February 2021 had announced the privatization of two more public sector banks besides IDBI Bank. But the work was stopped due to Corona. Now for the current financial year, the government had set a disinvestment target of Rs 65 thousand crores. However, it is expected that the disinvestment of IDBI will take place in the next financial year itself.
