IDBI Bank jumps 11% as Cabinet may soon consider disinvestment proposal

The government had planned to sell its balance stake in IDBI Bank to private, retail, and institutional investors through the stock exchange in the last financial year

Shares of IDBI Bank jumped 10.6 per cent to hit an intra-day high of Rs 37.4 on the BSE on Tuesday after a Business Standard report stated that the Cabinet will soon consider the proposal to sell the government’s 45.5 per cent stake in the company, paving the way for strategic divestment in the lender.

Approval will be sought to give the Department of Investment and Public Asset Management (Dipam) the authority to move ahead with the divestment process, as banks fall under the purview of the Department of Financial Services (DFS), said a senior government official, as per the