As soon as the government is formed, Modi will be in action mode! Plans to sell the stake in the company, including the bank, made the shares rocket

PSU Stake Sale: Speculations are rife as to what will be on the agenda for the first 100 days of the newly elected government. If exit polls are to be believed, there is a possibility that Prime Minister Narendra Modi’s government will be formed again. There is news that the new government may focus on disinvestment within the first 100 days of its tenure. IDBI Bank and Shipping Corporation of India topped the list.

What are the details?

CNBC Awaaz in a report quoted sources as saying that the new government may focus on disinvestment in its first 100 days in office. IDBI Bank and Shipping Corporation of India (SCI) topped the list this time. Government holds 63.75% stake in Shipping Corporation of India. The government wants to sell it. Sources said bids are likely to be invited for SCI initially. Earlier the land assets unit of SCI was demerged and listed separately on the exchanges.

Power share stirs, experts say – buy, Govt holds 51.34 stake

According to sources, the disinvestment process of IDBI Bank, which has been in cold storage for some time, will be expedited. Sources said the RBI is mulling the names of people who have expressed interest in taking over the bank. After verification of suitable candidate by RBI, Department of Investment and Public Asset Management (DIPAM) will give final approval on the same. This is being considered under the ‘fit and proper’ process. Let us tell you that currently the government has 49.24% stake in IDBI Bank and LIC 45.48%.

After the toll tax hike, investors pounced on the stock, snapping up to buy, with the price falling to ₹ 74.

Stock status

Let us tell you that on Monday, intraday, shares of IDBI Bank were trading 8.3% higher at ₹92.75, while shares of Shipping Corporation of India were trading 6.5% higher at ₹261.80.

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