Bank Sale: This government bank will be sold by the end of this year! The official gave the information

Today on Monday, the bank’s shares were trading at Rs 80.84, up 1.21% during trading.

IDBI Bank stake Sale: A big update is coming out regarding the privatization of IDBI Bank. It is reported that it will be disinvested by the end of this year. In fact, Financial Services Department Secretary M. Nagaraju said on May 5 that the strategic sale of stake in IDBI Bank will be completed in 2025. Today on Monday, the bank’s shares were trading 1.21% higher at Rs 80.84 during trading.

What did Nagaraju say?

“The sale of stake in IDBI Bank will be completed this calendar year,” Nagaraju said during the listing ceremony of First Residential Mortgage Backed Security. The Center and Life Insurance Corporation of India (LIC) are jointly planning to sell 61 percent stake in the lender, including 30.48 percent held by the government and 30.24 percent held by the insurance firm. In January 2023, the government received several expressions of interest (EOIs) for the sale of 60.72 per cent stake in the bank. The shortlisted bidders are currently engaged in due diligence. Let us tell you that for the financial year 2025-26, the Center has set a disinvestment and asset monetization target of Rs 47,000 crore. The IDBI Bank transaction is expected to be one of the most important contributors to achieving this target along with other disinvestment plans.

March quarter results

IDBI Bank’s net profit in the fourth quarter of FY 2024-25 rose 26 per cent year-on-year to Rs 2,051 crore. The bank’s net profit in the fourth (January-March) quarter of FY 2023-24 was Rs 1,628 crore. Net profit for the entire financial year 2024-25 grew 33 per cent year-on-year to Rs 7,515 crore. It was Rs 5,634 crore in FY 2023-24. Total income increased to Rs 33,826 crore in the previous financial year, from Rs 30,037 crore in 2023-24.

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