IDBI Bank declines 4% after Board approves 19.18% stake sale in APCIL

Earlier this month, the Union cabinet had approved capital infusion worth over Rs 9,000 crore into the bank

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Market news: Shares of IDBI Bank declined 4.47 per cent to Rs 32.05 per share on the BSE in the early morning trade on Monday after the company's Board gave in-principal approval for divestment of the bank's stake in Asset Reconstruction Company (India).

"The Board of Directors, at its meeting held on Friday, September 27, 2019, (have) granted in-principle approval to divest --partly or wholly-- 6,23,23,800 equity shares (19.18 per cent) of Asset Reconstruction Company (India) Ltd. (ARCIL) held by IDBI Bank," the bank said in an exchange filing.

The divestment would be subject to compliance with all applicable laws, regulations and guidelines, the bank added.
At 9:57 am, the stock was trading 4.73 per cent lower at...read more

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