Shares of IDBI Bank Ltd. advanced on Monday after the government invited bids to appoint an asset valuer for disinvestment of IDBI Bank.
The Department of Investment and Public Asset Management has invited bids for asset valuers for the bank. The bids are expected to be submitted by Oct. 9. The asset valuer will work closely with the transaction adviser and legal adviser.
The government is looking to sell 30.48% stake, while Life Insurance Corp. of India is looking to offload 30.24% of its share in IDBI Bank, along with the transfer of management control.
Shares of the bank jumped as much as 9.08%, the highest since Aug. 11, before paring gains to trade 6.74% higher at 11:36 a.m. This compares to a 0.14% advance in the Nifty.
The stock has risen 18.1% on a year-to-date basis. The total traded volume stood at 4.9 times its 30-day average. The relative strength index was at 63.
The one analyst tracking the company recommends a 'sell', according to Bloomberg data.
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