Shares of IDBI Bank Ltd rose as much as 4.8 per cent to Rs 45.45.

IDBI Bank along with majority shareholder Life Insurance Corp of India (LIC) is working out a turnaround plan by “leveraging” their “mutual business synergies”, the state-run lender said on Sunday.

The company said the plan included “rationalising” common subsidiaries in mutual funds and life insurance; forms joint task force to chart out future roadmap

IDBI Bank has expressed an interest to sell five non-performing assets (NPAs) worth Rs 12.48 billion ($178.48 million), including one worth Rs 10.56 billion to Reliance Communications Ltd, a report stated.

The news about them putting their insurance and mutual fund businesses on the block is positive, said Yuvraj Choudhary, an analyst with Anand Rathi

They are also trying to sell their NPA assets which most PSU banks are also trying to do before March 31, as optically GNPA numbers will improve and it may also help them reach the prompt corrective action framework (PCA) targets, Choudhary said.