IDBI Bank gains 1% as RBI categories the bank as private lender

The categorization done after Life Insurance Corporation of India (LIC) took over control of the bank.

Mar 15, 2019 04:03 IST India Infoline News Service

Shares of IDBI Bank gained 1% intraday on Friday after the Reserve Bank of India (RBI) classified the bank as private lender post Life Insurance Corporation of India (LIC) took over control of the bank.

"IDBI Bank has been categorized as a Private sector bank’ for regulatory purposes by the RBI with effect from January 21, 2019, consequent upon Life Insurance Corporation of India acquiring 51% of the total paid-up equity share capital of the bank,” the RBI said in a press release on Thursday.

IDBI Bank Ltd's share price is currently at Rs43.15, up by Rs0.05 or 0.12%, from its previous close of Rs43.10 on the BSE.

The scrip opened at Rs44 and has touched a high and low of Rs44 and Rs42.95, respectively. So far, 1,30,14,101 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs33,343.43cr.

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