Stock Market Today: IDBI Bank share price skyrocketed 8% during the intraday trades on Thursday following THIS latest update by DIPAM on divestment
DIPAM on divestments for IDBI Bank
IDBI Bank Ltd. shares rose as much as 9% on Thursday, August 21, after the news reports suggested that the Department of Investment and Public Asset Management (DIPAM) Secretary had announced that eligible interested parties had largely finished due diligence for the bank’s sale.
Thus the statement on Qualified interested parties having almost completed due diligence for IDBI Bank divestment, lifted the street expectations that the process of divestment is speeding up
As per the news reports, the DIPAM Secretary has also stated that all information about IDBI Bank has been provided to interested parties, and the due diligence process is likely to be finished by September.
The statement by DIPAM Secretary, as reported in the news, that all details on IDBI Bank have already been given to qualified interested parties further added to the trigger for the IDBI Bank share price, and their due diligence process being completed by September further added to the impetus for the share price of IDBI Bank that zoomed during the intraday trades
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