Photo: Mint
Photo: Mint

Govt to sell residual stake in IDBI Bank via exchanges

India’s state-run insurer, Life Insurance Corp., acquired a majority stake of 51% in IDBI Bank last year

Indian government will sell its residual stake in IDBI Bank Ltd. via stock exchanges, Finance Minister Nirmala Sitharaman said in her annual budget speech in parliament. Shares surged as much as 18%, most in two months, after the stake sale announcement.

India’s state-run insurer, Life Insurance Corp., acquired a majority stake of 51% in IDBI Bank last year. The purchase has converted IDBI Bank to a private sector lender from a state-run one.

The government now holds about 47% in the bank, according to Bloomberg data.

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