IDBI Bank sale process progressing steadily, says divest secy
This story was originally published at 18:53 IST on 9 April 2025
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NEW DELHI - The process for strategic sale of the IDBI Bank is progressing steadily, Divestment Secretary Arunish Chawla said Wednesday. The government has also already started internally deliberating on the share purchase agreement for the transaction, Chawla added.
"We have set up a virtual data room and are in dialogue with investors, answering their queries," Chawla said. "We have also appointed asset valuers for the transaction process."
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 financial bids would come at the apt time, Chawla said without giving a timeline.
The Cabinet Committee of Economic Affairs had given its in-principle for strategic divestment and transfer of management control in 2021. On Wednesday, the shares of IDBI Bank ended 1.48% higher at INR 78.45 on the National Stock Exchange. End
Reported by Krity Ambey, Priyasmita Dutta, and Sagar Sen
Edited by Akul Nishant AKhoury
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