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Shares of IDBI Bank Ltd surged as much as 9.9 per cent to an over two-week high of Rs 58.6, as according to a media report, LIC is set to make an open offer to the minority shareholders of IDBI Bank.
The insurer is all set to acquire a 51 per cent stake in the embattled bank. This was after LIC didn’t receive any relaxation from the Securities and Exchange Board of India’s takeover code. As per SEBI rules, an acquisition of more than 25 per cent in a listed entity is termed as control and requires an open offer.
IDBI Bank shares were on track to post gains for fourth straight session. The stock had fallen nearly 11 per cent this year as of last close.
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