IDBI Bank Rises Nearly 10% After On Reports Of Majority Stake Sale

Shares of IDBI Bank Ltd. rose more than 9% on a report of the government considering divesting at least 51% in the state-backed lender.

The government and Life Insurance Corporation of India, which owns 94% of the lender currently, will cede management control, according to a Bloomberg report.

The Reserve Bank of India will also allow investors to buy a stake larger than 40%, Bloomberg News has reported.

Shares of the lender jumped as much as 9.6%, the most since Aug. 3, to Rs 43.95 apiece as of 10:30 a.m. on Thursday. The bank's current market cap is Rs 46,558 crore.