IDBI Bank surges nine percent, govt. likely to sell stake to IFC

IDBI Bank surges nine percent, govt. likely to sell stake to IFC

Submitted by Subeditor on Mon, 2015-11-30 15:46 New Delhi: The shares of IDBI Bank rallied 8.6 percent intraday to hit a 52-week high of Rs. 93.85 on Monday after there were speculations that the government may sell some stake in the bank to International Finance Corporation.According to a media report, the government is in talks with the International Finance Corporation on the disposal of a stake in state-run IDBI Bank as it looks to kick off strategic sales of public sector entities.The government, which currently holds a 76.5 percent stake in the bank, expects to raise Rs. 69,500 crore in FY16 through disinvestment. It has so far raised Rs. 12,600 crore.Other than promoters, LIC has a 5.91 percent stake and India Market Plus Growth Fund has 1.09 percent in the bank. The share price of IDBI Bank traded at Rs. 92.45 with an increase of seven percent on the BSE. (ANI)