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During the first half of this year, the stock has declined 8 percent, while it has advanced 46 percent since the start of June. While the government owns 45.48 percent in the bank, LIC owned another 49.24 percent as of June 30, data has shown.
Shares of IDBI Bank Ltd surged over 9 percent and hit a four-month high at Rs 43.85 on BSE in the early morning trade after a report said that the government was planning to sell at least 51 percent in the state-backed lender.
At 1:00 pm, the IDBI Bank stock was trading at Rs 48.7, up 8.9 percent from its previous close on the BSE.
The government and state-owned Life Insurance Corporation (LIC) own nearly 94 percent in IDBI Bank. While the government owns 45.48 percent stake, LIC held 49.24 percent as of June 30, data has shown.