BUZZ-India's IDBI Bank gains on report of divestment process advancing
ReutersJan 16, 2025 8:31 AM
IDBI Bank IDBI.NS rises 7.7% to 79.4 rupees
Divestment process at IDBI progressed to next stage, with consultancy firm KPMG conducting closing due diligence, Moneycontrol reports
Financial bids will be invited once diligence is finalised, which as per the report, may happen by March-end
Post completion, Department Of Investment and Public Assets Management (DIPAM) will ask interested investors to furnish bids to acquire stake in the lender, being sold by the Indian government
IDBI did not immediately respond to Reuters' request for comment
More than 41.5 mln shares traded, 6.3x the 30-day avg
Stock rose ~14% in 2024
(Reporting by Ashna Teresa Britto in Bengaluru)
((AshnaTeresa.Britto@thomsonreuters.com ; ( +91 8078332441))
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