IDBI Bank rallies 6%, hits 52-week high as DIPAM extends bid submission

DIPAM extended the deadline to submit Expressions of Interest (EoI) for the strategic disinvestment of the Bank to January 7 2023 from December 16 2022.

Shares of IDBI Bank hit a 52-week high of Rs 60.60 as they rallied 6 per cent on the BSE in Thursday’s intra-day trade in an otherwise subdued market after the Department of Investment and Public Asset Management (DIPAM) on Wednesday extended the deadline to submit Expressions of Interest (EoI) for the strategic disinvestment of the Bank to January 7 2023 from December 16 2022.

The last date for submitting physical copies of EoI by interested bidders who have done so electronically was extended from December 23 to January 14.

In the past one month, the market price of