IDBI Bank shares surge 19% as privatization revival reports emerge
IDBI Bank's shares soared 19% on Wednesday, wrapping up a four-day rally with a total gain of 27%.
The buzz? Fresh reports say the government is actively working to revive its stalled plan to privatize the bank.
Investors took notice: trading volumes hit ₹1,500 crore, and six big block deals swapped hands.
Government reviews Fairfax, Emirates NBD bids
The government is now re-examining earlier bids from Prem Watsa-led Fairfax Financial Holdings and Emirates NBD, which were rejected before for not matching the reserve price.
These offers are still in play and under legal review.
Any new owner will need to clear RBI's fit & proper checks and get regulatory nods.
Boosting confidence further, IDBI Bank just posted solid Q4 results with higher income and improved asset quality, even if shares are still down 13% for the year.