India's IDBI Bank rises on report stake sale process advances

IDBI Bank

24/07/2024 08:57

** Shares of India's IDBI Bank  IDBI.NS  rise 4% to 89.87
rupees after jumping as much as 5.2% earlier in the day 
    ** Reserve Bank of India's vetting process to ascertain
potential bidders for stake sale in lender is at an advanced
stage, Moneycontrol reported
    ** IDBI did not immediately respond to Reuters' request for
comment 
    ** India government owns 45.5% stake in IDBI, insurer LIC
 LIFI.NS  holds 49.24% stake - exchange data 
    ** Government, LIFI together plan to offload 60.7% stake,
report says  
    ** Trading vols 1.4x 30-day avg 
    ** YTD stock had risen 34% 

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))