India's IDBI Bank hits over 1-mth high after bids for majority stake

CSB Bank

13/04/2023 09:24

** Shares of IDBI Bank Ltd  IDBI.NS  rise as much as 4.8% to
49.35 rupees, hitting their highest since March 9
    ** Reuters reported that the Reserve Bank of India (RBI) has
begun evaluating at least five potential bidders interested in
picking up a majority stake in the state-owned bank
    ** Kotak Mahindra Bank  KTKM.MS , Prem Watsa-backed CSB Bank
 CSBB.NS  and Emirates NBD  ENBD.DU  are among those that have
submitted expressions of interest, two people told Reuters on
condition of anonymity
    ** As a part of the broader privatisation plan, stake sale
in the lender is the first major divestment across state-owned
banks; the federal government is looking to divest a 30.48%
stake from its 45.48% holding in the bank
    ** Stock crosses 50-day moving average for the first time
since Jan. 25; continues to stay above its 200-day moving
average
    ** Stock posts its sharpest intraday pct gain since March 21
    ** More than 8.6 mln shares change hands by 1:29 p.m. IST,
1.4x the 30-day avg of ~6.2 mln shares
    ** Stock last up 3.8%, cutting year-to-date losses to 10%

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((Dimpal.Gulwani@thomsonreuters.com;))