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Indian government raises stake in IDBI Bank

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Indian government raises stake in IDBI Bank

The Indian government increased its shareholding in IDBI Bank Ltd. by acquiring an additional 3.81% stake in the bank through a preferential allotment.

The government now holds a 77.79% stake in the lender, up from a 73.98% shareholding previously, according to an Oct. 7 stock exchange filing. The shares, which carry voting rights, were allotted on Oct. 6.