IDBI Bank share price surged as much as 10.07 per cent on BSE on Monday on reports that the government is in talks with International Finance Corporation (IFC) to sell a stake in the bank. The stock also hit a new 52-week high of Rs 95.10 in trade.
IDBI Bank share price surged as much as 10.07 per cent on BSE on Monday on reports that the government is in talks with International Finance Corporation (IFC) to sell a stake in the bank. The stock also hit a new 52-week high of Rs 95.10.
At 2.20 pm, the share price of IDBI Bank was up 7.64 per cent at Rs 93. The scrip opened at Rs 87.55 and had touched a high and low of Rs 95.10 and Rs 87.20, respectively, in trade so far. Sensex was marginally up 0.07 per cent at 26,145.95.
Shares of IDBI Bank on Monday soared to 52-week high of Rs 92.50 after reports suggested that the
government is in talks with International Finance Corporation (IFC) to sell a stake in the lender.
IDBI Bank has also launched a $350 million 5 year Reg S Green Bond issue on November 23, 2015. The transaction received an overwhelming response and the issue was oversubscribed by 3 times. The issue was made under the $5 billion MTN Programme listed on the Singapore Stock Exchange.
The transaction attracted interest from a diversified range of investors including Asset Managers (50 per cent), Banks (28 per cent), Private Banks (17 per cent), and corporate and Others (5 per cent). Around 82 per cent of the allocation was made to Asian Investors, 18 per cent to European investors. ANZ Bank, BNP Paribas, Citibank, EISBC, JP Morgan Chase and Standard Chartered Bank acted as Joint Book Runners and Lead Managers to the transaction.
At present, the government holds 76.5 per cent in IDBI Bank, which is grappling with high bad loans and other legacy issues.
Earlier, Finance Minister Arun Jaitley and Minister of State for Finance Jayant Sinha had spoken about the government’s plan to privatise the lender. “We will consider transforming IDBI Bank in a manner
similar to the way Axis Bank was done,” Sinha had earlier told reporters.
(With inputs from Reuters)
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