At 9:29 am, the stock was up 5.31 per cent at Rs 1,025.95, while benchmark Sensex traded 0.56 per cent higher at 48,136.92 points.
The government said on Sunday it will disinvest 26 per cent equity share capital of the Bangalore-based public sector enterprise out of its shareholding of 54.03 per cent along with management control.
The department of investment and public asset management (DIPAM) has set the minimum net worth requirement for bidders at Rs 1400 crore, and has kept the last date for submitting bids at March 1, 2021.
“Disinvestment will be through a two stage competitive bidding process,” the department said in the preliminary information memorandum issued on Sunday.
Companies, limited liability partnerships (LLPs) and funds eligible to invest in India can participate in the bidding process, however government companies have been barred from participating.