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