Profit Sheets

IDBI Bank share rises 6% as govt invites bids for divestment

June 23, 2021 04:37 PM

IDBI Bank share rises 6% as govt invites bids for divestment
IDBI  Bank share rise nearly 6% today after the government invited bids from transaction advisors and legal firms for assisting in the strategic.

IDBI  Bank share rise nearly 6% today after the government invited bids from transaction advisors and legal firms for assisting in the strategic sale of the lender. Shares of IDBI Bank gained 5.96% to Rs   40.90 against previous close of Rs 38.60 on BSE.

The stock has gained 6.4% in the last 3 days. The stock opened with a gain of 3.63% at Rs 40 today. IDBI Bank share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The share has gained 15.67% in one year and risen 28.14% since the beginning of this year. Market cap of the bank rose to Rs 42,902 crore. Total 18.68 lakh shares changed hands amounting to turnover of Rs 7.53 crore on BSE.

In May, the Cabinet had given in-principle approval for IDBI Bank’s strategic disinvestment along with transfer of management control.

Also Read: Minda Industries to acquire 51% stake in UZ Chasys; stock gains 2%

The central government and LIC together own more than 94 per cent equity in IDBI Bank. LIC, currently having management control, has 49.24 per cent stake, while the government holds 45.48 per cent. Non-promoter shareholding stands at 5.29 per cent.

The last date for submission of bids by both transaction advisor and legal advisors is July 13, the Department of Investment and Public Asset Management (DIPAM) said.

“DIPAM on behalf of the Government of India (GoI) proposes to engage one Transaction Advisor from reputed professional consulting firms / investment bankers / merchant bankers / financial institutions / banks, for facilitating/assisting DIPAM in the process of strategic disinvestment of IDBI Bank Ltd. along with transfer of management control, till completion of the transaction,” it said in the request for proposal (RFP) document.

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