IDBI Bank Ltd. share price traded lower during the early session on Friday as investors booked profits after a four-day rally of over 9%.
The stock slipped as much as 2.85% to Rs 94.8 apiece on the NSE. The relative strength index was 69. The total traded volume was 0.9 times the 30-day average with a turnover of Rs 55.6 crore.
On Thursday, IDBI Bank shares ended 8.2% higher after Department of Investment and Public Asset Management Secretary Arunish Chawla said the expression of interest exercise for the government’s stake sale in the PSU bank has been completed, and due diligence is currently underway.
Government is hoping to invite bids for IDBI Bank stake sale by the third quarter of this fiscal, Chawla had said earlier this month.
The DIPAM Secretary confirmed that transaction documents are being finalised, while refraining from sharing deal-specific details.
On public sector unit delisting, the official said the government will continue efforts to pare down holdings in companies where its stake is above 70%.
IDBI Bank is majority owned by Life Insurance Corporation of India (49.2%) and the Government of India (45.5%).
The stock has risen 25% in the last 12 months and fallen 4%.
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