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IDBI Bank stock gains 6% after RBI approves bidders for privatisation

IDBI Bank shares surge 6% as RBI issues 'fit and proper' report on bidders for divestment process

Updated on: Jul 18, 2024, 12:04:46 IST
By HT News Desk
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Shares of IDBI Bank rose almost 6 per cent to ₹93 per share today (July 18) as the Reserve Bank of India (RBI) issued a 'fit and proper' report on bidders which advanced the divestment process. The central bank's evaluation ensures that the bidders meet the 'fit and proper' criteria and comply with regulations to proceed to the next stage of the privatisation process.

RBI's evaluation ensures that the bidders meet the 'fit and proper' criteria and comply with regulations to proceed to the next stage of the privatisation process.
RBI's evaluation ensures that the bidders meet the 'fit and proper' criteria and comply with regulations to proceed to the next stage of the privatisation process.

The central government holds a 45.5 per cent stake in IDBI Bank. LIC is the largest shareholder at over 49 per cent. The privatisation plan involves selling 60.7 per cent of the bank, including government's 30.5 per cent stake and LIC's 30.2 per cent stake.

 
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HT News Desk

Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.

Track live Stock Market Today updates and check your NSE IPO Allotment Status Today. Stay informed with the latest business news like N Chandrasekaran, petrol and diesel prices, gold and silver rates, income tax updates, and major economic developments across India and globally.
Track live Stock Market Today updates and check your NSE IPO Allotment Status Today. Stay informed with the latest business news like N Chandrasekaran, petrol and diesel prices, gold and silver rates, income tax updates, and major economic developments across India and globally.
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