NEW DELHI: IDBI Bank shares were up by more than 8 per cent in trade on Tuesday as the divestment process picked up the pace.

IDBI Bank shares were up 8 per cent at Rs 70.28 on BSE.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio said IDBI Bank will be strategically disinvested; hence the Central Government has requested bids to fill the position of asset valuer.

The deadline for submitting the proposals is October 9.

The asset valuer will provide the bank's assets and liabilities' fair market value. The valuation will take into account the bank's investments, loans & advances, deposits, borrowings, and other obligation.