IDBI Bank is among the top five gainers on, going up almost 15% to hit an intraday high at Rs.43.50, tantalizingly close to its 20% UC of the day at Rs.45.50. Volumes are up over 4.5 times.
The stock price surged after the Cabinet Committee on Economic Affairs (CCEA) yesterday, gave its in-principle approval for strategic disinvestment along with transfer of management control in IDBI Bank.
The extent of respective shareholding to be divested by government and LIC Ltd shall be decided at the time of structuring of transaction in consultation with the Reserve Bank of India.
LIC is a promoter along with the Government of India. LIC holds 49.24% stake with management control while the Govt holds 45.48%.