Shares in IDBI Bank jumped after reports that Asian Development Bank is planning to acquire a stake in the bank.
"Multilateral agency Asian Development Bank has held talks with the government to acquire 10-15 percent stake in IDBI Bank as negotiations with World Bank arm International Financial Corporation have slowed down," a media report was reported to have revealed.
The Indian government owns a majority stake in the bank of a near 74 per cent. Following the government, the second largest shareholder in the bank is the Life Insurance Corporation of India.
IDBI Bank like most government banks in the country have seen a spectacular run in their share prices.This is largely on capital infusion pans and hopes of recovery in NPAs.
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