IDBI Bank’s shares hit a high in a week of Rs 60.60 as they rallied 6% in the morning trade after the Department of Investment and Public Asset Management (DIPAM) submitted Expressions of Interest (EoI) for the strategic disinvestment of the Bank from December 16, 2022, to January 7 2023.

The last date for interested bidders to submit paper copies of the EoI electronically has been extended from December 23 to January 14.

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The IDBI Bank has appreciated by 28%, compared to a 0.84% rise in the S&P BSE Sensex. The bank’s shares soared 76% compared to a 19% gain in the benchmark index.

On October 7, 2022, the Ministry of Finance issued a Preliminary Information Memorandum (PIM) inviting the EoI to conduct a strategic divestment and transfer of management control of the Central Government and Life Insurance Corporation of India’s combined 60.72% stake in IDBI Bank.

In the previous week, it would have allowed a consortium of foreign funds and investment firms to own more than 51% of IDBI Bank.