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IDBI Bank stock was higher by 5% at Rs. 70. The government is planning to get two large institutional investors to buy stake in state-run IDBI Bank, according to reports. Talks have been held with some players who showed interest, as per reports.
In his budget speech last month, Finance Minister Arun Jaitley said that the Government will consider ceding control of IDBI Bank and that it was willing to cut stake to less than 50% from 80.2%.
The UK’s development finance institution CDC Group Plc and US private equity firm TPG Capital are also in talks with the Government to purchase stake in IDBI Bank, as per a financial daily.
The scrip opened at Rs. 69 and has touched a high and low of Rs. 71.2 and Rs. 68.6 respectively. So far 525912(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 12758.86 crore.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 95.7 on 03-Dec-2015 and a 52 week low of Rs. 47.4 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 67.65 and Rs. 63.65 respectively.
The stock is currently trading below its 200 DMA.