IDBI Bank shares hit 52-week high on plans to divest 27% stake in life insurance arm
Shares of IDBI Bank gained as much as 4.89 per cent in opening deal to hit a record high of Rs 41.75 against previous closing price of Rs 39.80 on the BSE
- Jun 29, 2020,
- Updated Jun 29, 2020 2:51 PM IST
Shares of IDBI Bank rose nearly 5 per cent, hitting 52-week high on the Bombay Stock Exchange (BSE), after the lender said that its board has approved a plan to sell 27 per cent stake in its life insurance arm IDBI Federal Life Insurance for Rs 595 crore. In contrast, the BSE Sensex was trading 306 points, or 0.87 per cent, lower at 34,864. In the last one month, IDBI Bank shares have rallied as much as 106 per cent from the level of Rs 20.30 as on May 29, compared to 7.5 per cent rise in the BSE Sensex.
Shares of IDBI Bank gained as much as 4.89 per cent in opening deal to hit a record high of Rs 41.75 against previous closing price of Rs 39.80 on the BSE.
On the volume front, there was surge in trading as 25.01 lakh shares changed hands over the counter as compared to two-week average volume of 4.40 lakh shares.
On the National Stock Exchange (NSE), IDBI Bank share price was trading 3.63 per cent higher at Rs 41.45 against previous closing price of Rs 40. The stock opened higher at Rs 41.45 and touched a 52-week high of Rs 42 in intraday trade.
"The board of directors, at its meeting on June 26, 2020, has approved to sell IDBI Bank's stake in IDBI Federal Life Insurance Company to the extent of 23 per cent to Ageas and 4 per cent to Federal Bank at a combined value of about Rs 595 crore," IDBI Bank said in an exchange filing.
Shares of IDBI Bank rose nearly 5 per cent, hitting 52-week high on the Bombay Stock Exchange (BSE), after the lender said that its board has approved a plan to sell 27 per cent stake in its life insurance arm IDBI Federal Life Insurance for Rs 595 crore. In contrast, the BSE Sensex was trading 306 points, or 0.87 per cent, lower at 34,864. In the last one month, IDBI Bank shares have rallied as much as 106 per cent from the level of Rs 20.30 as on May 29, compared to 7.5 per cent rise in the BSE Sensex.
Shares of IDBI Bank gained as much as 4.89 per cent in opening deal to hit a record high of Rs 41.75 against previous closing price of Rs 39.80 on the BSE.
On the volume front, there was surge in trading as 25.01 lakh shares changed hands over the counter as compared to two-week average volume of 4.40 lakh shares.
On the National Stock Exchange (NSE), IDBI Bank share price was trading 3.63 per cent higher at Rs 41.45 against previous closing price of Rs 40. The stock opened higher at Rs 41.45 and touched a 52-week high of Rs 42 in intraday trade.
"The board of directors, at its meeting on June 26, 2020, has approved to sell IDBI Bank's stake in IDBI Federal Life Insurance Company to the extent of 23 per cent to Ageas and 4 per cent to Federal Bank at a combined value of about Rs 595 crore," IDBI Bank said in an exchange filing.