IDBI Bank Shares Rally 2% on Government’s Second Bid for Asset Valuer Appointment

IDBI Bank’s shares witnessed a robust uptick of 2.5% to reach Rs 63 on November 30, fueled by the government’s renewed call for the appointment of an asset valuer. This marks the government’s second attempt, prompted by lackluster responses to the initial invitation.

Throughout the current year, the stock of this state-owned bank has demonstrated a commendable ascent, surging over 15%, outpacing the benchmark Sensex, which recorded a 9% increase.

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The Department of Investment & Public Asset Management (DIPAM) disclosed the issuance of fresh bids for the engagement of an asset valuer, a pivotal step in the strategic disinvestment of IDBI Bank. The request for proposal (RFP) document outlines the criteria, with the deadline for bid submission set at January 5, 2024. To facilitate communication and address potential queries, a pre-bid meeting is slated for December 18, 2023.

As of 11:23 am on the same day, the shares exhibited a further positive trajectory, trading 0.73% higher at ₹62.45.