Money & Banking

IDBI Bank shares jump on stake sale move in subsidiaries

Our Bureau Chennai | Updated on December 11, 2019 Published on December 11, 2019

IDBI Bank shares rose nearly 2 per cent to Rs 34.10 on the BSE today following its announcement the bank would sell up to 49% stake in subsidiaries IDBI Capital Market Securities and IDBI Intech Ltd.

The Board of Directors of IDBI Bank Ltd, at its meeting held on Tuesday, December 10, 2019, has given in-principle approval to divest/dilute IDBI Bank''s stake in its subsidiaries, IDBI Capital Market Securities Limited (ICMS) and IDBI Intech Limited (IIL) to the extent of 49% equity to the prospective investors and retaining controlling stake with the Bank, it said in its release to the BSE.

Published on December 11, 2019
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