IDBI Bank Share: IDBI share price soared in one day.. Boosted by government decision! – idbi bank share price surges over 10 percent and locked in upper circuit as govt to sell stake

IDBI Bank’s share price rose over 10% today. Also, IDBI Bank stock closed in the upper circuit at the start of trading today. IDBI’s share price rose following the news that the government is going to sell its stake in IDBI Bank.

The Central Government and LIC have a total stake of 94.72% in IDBI Bank. LIC has 49.24% share and Central Government has 45.58% share. In this case, the government has called for the sale of shares held by the government and LIC in IDBI Bank.

Accordingly, the central government has announced that the government and LIC will jointly sell 60.72% stake in IDBI Bank. According to this, LIC is selling 30.24% stake and Central Government is selling 30.48% stake.

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Thus the government also loses administrative control over IDBI Bank. After this news was released last Friday, the share price of IDBI rose over 10% to Rs 46.55 in today’s stock trading.