The stock climbed 2.96 percent to Rs 57.35 on BSE.

At NSE, shares of the company went up 3.14 percent to Rs 57.45.

State-owned IDBI Bank has received Sebi's approval to raise Rs 3,771 crore through issuance of shares to QIPs, a move that would dilute the government's holding significantly in the lender.

IDBI Bank in a statement yesterday said that Sebi has acceded to the bank's request to permit it for raising capital by issuing equity shares aggregating up to Rs 3,771 crore by way of a QIP subject to provisions.

The government holding in the bank stands at 80.16 percent.

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