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IDBI Bank Gains After LIC Ups Stake

IDBI Bank, Government Infusion

Mumbai: Shares of IDBI Bank gained as much as 2.93 per cent to touch Rs. 70.25 at day's high after the announcement that Life Insurance Corporation (LIC) has nearly doubled its stake in the state-run lender from 7.21 per cent to 14 per cent.

IDBI Bank allotted 15.8 crore equity shares, equivalent to a 7.16 per cent stake, on a preferential basis to Life Insurance Corporation (LIC) on Monday.

The allotment of shares is part of IDBI Bank's plan to pare government shareholding.

In the Budget speech, Finance Minister Arun Jaitley had said that the process of transformation of IDBI Bank has started. The government will consider the option of reducing its stake to below 50 per cent, he said.

As on 11 a.m., shares of IDBI Bank were trading at Rs. 69, up 1.10 per cent while the broad market indicator Sensex was down 0.34 per cent.

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