Stock Market News

IDBI Bank surges 12% on LIC deal buzz

Shares of IDBI Bank, the state-owned lender, climbed as much as 11.62% finalized on Friday amid reports that LIC has finalized the deal with the lender, which will eventually pave way for the infusion of Rs 13,000 crore in the bank.
Post this deal, the government’s stake in IDBI Bank will fall below 51%, the report added. Insurance regulator IRDA (Insurance Regulatory and Development Authority) is likely to clear the proposal today, the report said.

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