IDBI Bank shares rose 5 percent on Monday after the bank looks for bids to sell all seven non-performing assets (NPAs) worth 1,353 crore by March-end to banks, financial institutions or asset restructuring companies.

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The stock rose as much as 4.84 percent to Rs 45.45 per share intraday on the NSE. At 10:30 AM, it was trading at Rs 44.80 per share, higher by 3.34 percent, while the PSU Bank index was up 2.33 percent.

This move comes after the bank on Sunday announced that it has created a joint task force with Life Insurance Corporation of India (LIC) to chart out the future roadmap, both for the bank and its associate companies.

The bank is looking to sell loans of Reliance Communications and Reliance Telecom loans worth Rs 1,056 crore. IDBI Bank has also put Mittal Corp (Rs 73 cr exposure), Amzen Transportation Industries (Rs 79 cr), Sunrise Pictures (Rs 8 cr), Nandhi Dal Mills (Rs 32 cr), and Loop Mobile (Rs 105 cr) on the block.

The insurer completed, on January 21, 2019, completed acquisition of 51 percent stake in the bank. The bank has received a total capital of Rs 21,624 crore from the insurer to help it come out of debt and to bolster future roadmap.

First Published:Mar 11, 2019 11:32 AM IST