Development News Edition
Give Feedback

IDBI Bank shares soared 5.61 percent to end at Rs 62.15 on the BSE

The stock soared 5.61 percent to end at Rs 62.15 on the BSE. Intra-day, it jumped 6.96 percent to Rs 62.95.


PTI Last Updated at 01 Aug 2018, 19:08 IST India

Shares of IDBI Bank today surged nearly 6 percent after the Cabinet cleared the purchase of 51 percent controlling stake in the bank by state-run insurer Life Insurance Corporation (LIC).

The stock soared 5.61 percent to end at Rs 62.15 on the BSE. Intra-day, it jumped 6.96 percent to Rs 62.95.

On the NSE, shares of the company surged 5.60 percent to close at Rs 62.15.

In terms of equity volume, 48.57 lakh shares of the company were traded on the BSE and over 3.9 crore shares changed hands on the NSE during the day.

The Cabinet today cleared the purchase of 51 percent controlling stake in IDBI Bank by LIC, sources said.

LIC already has 7-7.5 percent stake in the bank and will acquire the remaining for majority holding.

Although the proposed acquisition by LIC would not bring any money to the government, the bank would get capital support between Rs 10,000 crore and Rs 13,000 crore, depending on the share price of the bank.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY :
India

add banner

LEAVE COMMENT

Download our Android App on Google Play