Shares of Shipping Corporation of India and IDBI Bank zoomed close to 9 percent each on June 3 following reports that the plans to divest stake in the two companies were on the first 100-day agenda of the BJP-led NDA.
As per a report by CNBC Awaaz, citing sources, the new government, which is likely to be formed by the NDA if exit polls are anything to go by, is likely to focus on disinvestment in its first 100 days in office. According to that report, it will be Shipping Corporation of India along with IDBI Bank that will be on the list this time around.
At 1.33 pm, shares of Shipping Corp were trading at Rs 261.40 while those of IDBI Bank were at Rs 93.05 on the NSE.
Follow our live blog for all the market action
Currently, the government holds a 63.75 percent stake in Shipping Corp, which it is likely to sell for which it is likely to invite bids, the CNBC Awaaz report stated.
Previously, the land assets entity of Shipping Corp was demerged and listed on the exchanges separately.
Even IDBI Bank's stake sale, which was kept in cold storage for some time is likely to heat up, the report stated. The Reserve Bank of India is reportedly evaluating individuals who have shown interest in acquiring the lender.
Following the RBI's scrutiny of the candidates, the Department of Investment and Public Asset Management (DIPAM) will grant the final approval.
Presently, the government holds a 49.24 percent stake, while LIC owns a 45.48 percent stake in IDBI Bank.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
