ET impact: IDBI Bank rises intraday on JV deal report

MUMBAI: IDBI Bank rose 2.13 per cent on the news that the parent wants to sell 20 per cent stake in the life insurance joint venture (JV).

Stock opened at Rs 90.80 and rose up to Rs 93.15 during the day before closing at Rs 90.10 on the Bombay Stock Exchange.

The stake sale is expected to help the public sector lender boost capital and allow foreign partner Ageas to increase its stake.

IDBI Bank, which is seen as a candidate for privatisation, holds 48 per cent in the joint venture with Federal Bank and European insurer Ageas.