IDBI Bank up 6% intraday on government's stake sale plan

IDBI Bank's share price touched an intraday high of 6% at Rs 71.20 a share after reports suggested that the International Finance Corporation (IFC), the lending arm of World Bank was looking to buy a stake in the bank.

The government, which currently holds 80.16% in the bank, has been looking to divest a part of it to raise money. However, the move has been largely opposed by IDBI employees who have called for a nation-wide four-day strike from March 28.

TPG Capital is also eyeing a stake in the bank. According to reports, IFC has already completed the inspection of the bank's assets. 

The government, according to Finance Minister Arun Jaitley's announcement in Budget 2016, is looking to trim down holding in the bank to less than 51%.

At 1106 hours, the company's stock was trading at Rs 70.10 per share, down from the day's high but still trading higher by 4.39% or Rs 2.95 from previous day's close.