IDBI to sell shares in unlisted cos, stock hits 52-week low

Moneycontrol Bureau

State-owned IDBI Bank touched a fresh 52-week low of Rs 78.90 on Thursday, losing more than one percent. Agency reports say that the bank is eyeing sale in as many as 100 unlisted companies in April.

Speaking to CNBC-TV18, RK Bansal, ED & CFO, IDBI Bank says the bank is trying to unlock some of the value in some of its investments. “In fact, we came out with initial public offering (IPO) of Care, which was also part of that strategy,” he says.  

Bansal says that the bank had already appointed merchant bankers for some of these deals, however, as the current quarter is almost near end, concrete decision will be taken only in the next fiscal.

The stock plunged 15 percent in last one month and more than 24 percent in one year.

At 11:41 am, the stock was quoting up 0.13% at Rs 79.90 on the Bombay Stock Exchange.

In the previous trading session, the share was down 1.66 percent to Rs 79.80.