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Business News/ Market / Stock-market-news/  IDBI Bank hits 16-month high
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IDBI Bank hits 16-month high

Shares of IDBI Bank rise after reports that the govt is in talks with International Finance Corp. to sell a 15% stake in the bank

Photo: Pradeep Gaur./MintPremium
Photo: Pradeep Gaur./Mint

Mumbai: Shares of IDBI Bank Ltd on Monday rose as much as 8.6% to their highest level in 16 months, after The Economic Times reported that the government is in talks with International Finance Corp. to sell a 15% stake in the bank.

In early trading, the IDBI Bank stock hit 93.85, a level last seen on 21 July 2014. This is the third consecutive session when the stock is trading higher. IDBI Bank shares have gained over 24.7% in the year so far, and in November, the stock is up over 8.6%.

“The government is in talks with the International Finance Corp. on the disposal of a stake in state-run IDBI Bank as it looks to kick off strategic sales of public sector entities. The World Bank arm that invests in private sector may pick up a 15% holding", The Economic Times report said

Earlier, finance minister Arun Jaitley and minister of state for finance Jayant Sinha have spoken about the government’s plan to privatise the lender. “We will consider transforming IDBI Bank in a manner similar to the way Axis Bank was done," a PTI report quoted Sinha as saying last month.

Most of the public sector banks have gained in November. Oriental Bank of Commerce rose 15.9%, Punjab National Bank 13.4%, Bank of Baroda 13.07%, Punjab and Sind Bank 9.8%, Union Bank of India 7.7%, Andhra Bank 6%, State Bank of India 5.8%, Indian Bank 5.52%, State Bank of Bikaner and Jaipur 4.4% and State Bank of Mysore 3.1%.

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Published: 30 Nov 2015, 10:42 AM IST
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