Latest News | Govt Likely to Invite Preliminary Bids for IDBI Bank Privatisation Next Month: Official
Get latest articles and stories on Latest News at LatestLY. The government is likely to invite preliminary bids for privatising IDBI Bank by July-end, an official said.
New Delhi, Jun 10 (PTI) The government is likely to invite preliminary bids for privatising IDBI Bank by July-end, an official said.
The Department of Investment and Public Asset Management (DIPAM) is currently holding roadshows in the US for the sale. After a few more such investor meets, it will finalise the contours of the sale, the official added.
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"We may need one more round of discussion with RBI on IDBI strategic sale. The expression of interest (EoI) may be invited by July-end," the official said.
The government holds 45.48 per cent stake in the bank, while LIC owns 49.24 per cent.
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The official said while the quantum of stake dilution of both the government and LIC is yet to be decided, the management control in IDBI Bank will be transferred in the strategic sale.
The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May last year.
Necessary amendments to the IDBI Bank Act have already been made through the Finance Act 2021, and transaction advisors have been appointed.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)