INSUBCONTINENT EXCLUSIVE:
Shares of IDBI Bank rose as much as 4.8 per cent to Rs 45.45 on Monday.
IDBI Bank along with majority shareholder Life Insurance Corp of
India is working out a turnaround plan by "leveraging" their "mutual business synergies", the state-run lender said on Sunday.
The plan
included "rationalising" common subsidiaries in mutual funds and life insurance.
Separately, IDBI Bank has invited expression of interest to
sell five non-performing assets worth Rs 1,248 crore ($178.48 mln), including one worth Rs 1,056 crore to Reliance Communications, Newsrise
Financial reported.
IDBI did not immediately respond to a request for comment on the Newsrise report.
News about them putting their
sell their NPA assets, which most PSU banks are also trying to do before March 31, as optically GNPA numbers will improve and it may also
against 30-day average of eight million shares.
