IDBI Bank shares rise 7% after RBI submits 'Fit & Proper' report
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Shares of IDBI Bank rose 7% to Rs 94 in Thursday's trade on BSE after the Reserve Bank of India (RBI) has reportedly given its 'fit and proper' approval on bidders for the Bank ahead of the Union Budget 2024. IDBI Bank has been up for privatisation for several years, and the govt had been awaiting an RBI’s assessment on bidders meeting the “fit and proper” norms — or are compliant with regulations and are not under the scanner of other regulators — to move to the next stage of the process. The central bank has given its report on all but one bidder which happens to be a foreign participant, which did not share information and the overseas regulator too has not provided data, ToI on Thursday reported. With the current market cap nearing Rs 95,000 crore, the Centre could potentially realize around Rs 29,000 crore from the disinvestment. However, several observers have noted that the transaction terms are not very attractive. The...