IDBI Bank on Tuesday clarified that its strategic disinvestment is being handled by DIPAM, while there was no undisclosed or price sensitive information or any impending announcement.
In a reply to stock exchanges issued on August 25, the lender said that it has immediately made disclosures to the bourses informing the developments on its divestment from time to time, and there was no any impending announcement which needs to be informed to the exchange at this point of time.
The reply comes after the stock exchanges, BSE and NSE, sought clarification from the bank a day before, regarding significant increase in trading volumes of its shares, following a media report about divestment process.
IDBI Bank share price had surged nearly 10% in trade on Monday, August 24, after certain media reports claiming that the government was close to accepting Canada's Fairfax Financial's revised bid to acquire a 60.72% stake in IDBI Bank from the government and Life Insurance Corporation of India (LIC).
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“We would like to inform that in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Bank has promptly intimated to the Stock Exchanges of all events and information that may have a probable bearing on the operation / performance of the Bank including all price sensitive information, from time to time and there is no undisclosed/price sensitive information or any impending announcement which needs to be informed to the exchange at this point of time,” IDBI Bank said in its reply to exchanges on August 25.
Further, the process of strategic disinvestment of the Bank is being handled by DIPAM, and in this regard, the Bank has immediately made disclosures to the Stock Exchanges informing the developments from time to time, it added.
At 12:55 PM, IDBI Bank share price was trading 0.86% higher at Rs 88.69 apiece on the BSE.
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