IDBI Bank up 5% on Sebi nod to reclassify govt post sale-stake as 'public'

At present, the government and state-owned Life Insurance Corporation hold a little over 94 per cent in IDBI Bank and are classified as co-promoters.

Shares of IDBI Bank were was up 5 per cent at Rs 57.25 on the BSE in Friday’s intra-day trades in an otherwise subdued market after capital market regulator Securities and Exchange Board of India (Sebi) acceded to the central government’s request to reclassify its shareholding in the Bank after its disinvestment as “public holding”.

At 09:22 AM, the stock traded 3 per cent higher at Rs 56.35, as compared to 0.08 per cent decline in the S&P BSE Sensex. The stock hit a 52-week high of Rs 61.05 on December 15, 2022.

The reclassification of government holding