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Informist, Friday, Aug. 1, 2025

 

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--Divest secy: Appointed bankers to aid meet minimum public float of PSU bks 
--Divest secy: Appointed bankers to aid meeting minimum public float of LIC 
--Divest secy: Due diligence of IDBI Bank completed by interested bidders 
--Divest secy: Expect financial bids for IDBI Bank sale by Dec 
--Divest secy: Aim to seek financial bids for IDBI Bank after Oct
--Govt source: Expect fincl bids for IDBI Bank sale by Dec 
--Govt source: Aim to seek financial bids for IDBI Bank sale post Oct

 

NEW DELHI – The government expects to shortlist by March the final bidder to whom it will sell its stake in IDBI Bank, Divestment Secretary Arunish Chawla said. The government will invite financial bids after October and hopes to get them by December, Chawla added. 

 

The process of due diligence of the bank by interested bidders is complete, Chawla told the media Friday. The government had in 2022 invited expressions of interest to sell its 30.48% stake and Life Insurance Corp. of India's 30.24% stake in IDBI Bank.

The Cabinet Committee on Economic Affairs had given in-principle approval for strategic divestment and transfer of management control in 2021. Friday, shares of IDBI Bank ended 2.7% lower at INR 90.19 on the National Stock Exchange.

 

Besides IDBI Bank, the government hopes to dilute its stake in public-sector banks and LIC in multiple tranches in the next three years, Chawla said. "We have appointed merchant bankers for three years, extendable up to five years, to assist with the process," he added.  End

 

Reported by Krity Ambey and Sagar Sen

Edited by Rajeev Pai

 

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