IDBI Bank (IDBI Bank) shares have gained 5% today. Shares of the bank The stock has gained almost 7% in the last five trading days. There is a big reason behind today’s strong rally in the company’s shares. In fact, SEBI, the body regulating the stock market, has approved recognition of government stake in IDBI Bank as public shareholding. This decision of SEBI is after the appeal of the government. However, this new change will happen after the government’s stake sale in the bank.
condition of the shares of the company
The stock was trading 3 per cent higher at Rs 56.35 at 09:22 am, compared to a fall of 0.08 per cent in the S&P BSE Sensex. The stock hit a 52-week high of Rs 61.05 on December 15, 2022. The stock has gained 89.76% in the last six months.
government selling stake
Explain that the government has 45.5% stake in IDBI Bank and Life Insurance Corporation of India has 49.24% stake. LIC is currently the promoter of the bank. Government will sell 30.5% stake and LIC will sell 30.2% stake in IDBI Bank. After this sale process, the government will have 15 per cent stake in the bank.