Business News | Govt & LIC to Sell 60.7% Stake in IDBI Bank; Revised Bids Under Evaluation, Deal Likely Within a Month
Get latest articles and stories on Business at LatestLY. The Government of India and state-run Life Insurance Corporation of India (LIC) are moving ahead with the strategic sale of their combined 60.7 per cent stake in IDBI Bank, with revised financial bids from Canada's Fairfax Financial Holdings and Dubai-based Emirates NBD currently under evaluation. The disinvestment process is likely to be concluded within a month, government sources told ANI on Tuesday.
New Delhi [India], July 14 (ANI): The Government of India and state-run Life Insurance Corporation of India (LIC) are moving ahead with the strategic sale of their combined 60.7 per cent stake in IDBI Bank, with revised financial bids from Canada's Fairfax Financial Holdings and Dubai-based Emirates NBD currently under evaluation. The disinvestment process is likely to be concluded within a month, government sources told ANI on Tuesday.
According to the sources, the revised bids are being examined, and a senior panel of bureaucrats reviewed the progress of the transaction during a meeting held on Monday.
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The proposed transaction is part of the Centre's strategic disinvestment programme and involves the Government of India and LIC jointly divesting their combined 60.7 per cent stake in IDBI Bank.
At present, the Government of India holds a 45.48 per cent stake in IDBI Bank, while LIC owns 49.24 per cent.
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Sources said the evaluation process is progressing, with the stake sale expected to be concluded within the next month, subject to the completion of the required procedures.
Canada's Fairfax Financial Holdings, founded by Indian-born Canadian billionaire Prem Watsa, and Dubai-based Emirates NBD are the contenders to acquire the controlling stake in IDBI Bank.
The proposed acquisition is estimated to be valued at around USD 5.7 billion at current market prices and, if completed, would rank among the largest foreign investments in India's banking sector.
At the time of reporting, IDBI Bank was trading at Rs 87.69 per share, up 4.31 per cent. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)