IDBI Bank Ltd will merge with Industrial Development Bank of India.
The board of directors has taken in-principle decision to merge IDBI Bank Ltd with IDBI, the financial institution informed the Bombay Stock Exchange on Thrusday.
IDBI Bank Ltd informed the BSE that its board has given in-principle nod to merge the bank with Industrial Development Bank of India Ltd, to be formed and incorporated under the Companies Act, 1956, subject to regulatory, statutory and shareholders' approvals.
A BSE spokesperson said the IDBI Bank stock hit the upper limit of circuit filter while Industrial Development Bank of India stock continued to trade on the system.
IDBI Bank stock, which opened at Rs 43.45 and hit the 20 per cent upper circuit in early trade, was locked at Rs 50.55.
IDBI stock opened at Rs 64.25 and was ruling at Rs 68.25.