IDBI Bank Disinvestment: Union Govt. & LIC Set To Sell 60.72% Stake

The Central government and Life Insurance Corporation of India (LIC), Friday, on October 7 informed that they will together divest a 60.72% stake in IDBI Bank. The union government will sell a 30.48% stake and Life Insurance LIC will sell a 30.24% stake in IDBI Bank. This together will aggregate to IDBI Bank's equity share capital, along with the transfer of management control in IDBI Bank.

Secretary of the Department of Investment and Public Asset Management (DIPAM) tweeted today, "Expression of Interest is invited for Strategic Disinvestment of specified GoI and LIC stakes in IDBI Bank along with transfer of management control."

Tomorrow, investors will watch the stock of IDBI Bank, after today's official disinvestment announcement. Today, its share price closed at Rs. 42.70 a piece, up by 0.83% intra day, and in the last 5 days its share gained by 5.30%. However, the stock has given poor performance in the past year.