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– Bloomberg quint

Shares of IDBI Bank Ltd. gained the most in nearly two months after a plan to privatise the struggling lender was approved. The government plans to sell all or part of its 45.5% stake in the lender as well as state-owned Life Insurance Corporation of India’s 49.2% ownership, according to a government statement on Wednesday. The sale envisages ceding management control. The strategic buyer is expected to infuse funds and generate more business “without any dependence on LIC and government assistance” the statement said.

Read more at: https://www.bloombergquint.com/business/idbi-bank-shares-jump-most-in-nearly-two-months-on-cabinets-privatisation-nod

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