IDBI Bank jumps up 10%

IDBI Bank, amongst top three gainers on the BSE currently, rose 10% to Rs.58.50 in the opening bell session and is now hovering around Rs.57 levels, up 7%. Its UC is at 15% at Rs.61.15.

There is a lot of anticipation around the stock. The unconfirmed news doing the rounds on the Street is that LIC will be soon making an open offer to the minority shareholders of IDBI Bank in which it will be acquiring 51% stake.

LIC is to yet approach SEBI for getting the approval while IRDAI has already given its affirmation.

The rule book of SEBI stipulates that an acquirer has to make an open offer if it acquires shares or voting rights of 25% or above.