Countdown to IDBI Bank's Strategic Sale
The strategic sale of IDBI Bank is expected to be finalized by October, following nearly three years of privatization efforts. The government, with LIC, is selling a 60.72% stake and has invited financial bids. The prospective buyer has cleared all necessary evaluations and security checks.
- Country:
- India
The long-awaited strategic sale of IDBI Bank is nearing its conclusion, with the process expected to be wrapped up by October. An official revealed that discussions have been held regarding the share purchase agreement intended for financial bidders.
After nearly three years of privatization efforts, the government and LIC are poised to sell a combined 60.72% stake in the bank. This sale comprises a 30.48% stake from the Government of India and 30.24% from LIC. In October 2022, they sought Expressions of Interest (EoIs) from potential investors.
Currently, due diligence in the data room is in progress, and the call for financial bids is imminent. The prospective buyer has received security clearance from the Ministry of Home Affairs and passed the fit and proper evaluation by the Reserve Bank of India. Shares of IDBI Bank were trading slightly lower at Rs 99.50 on the BSE.
(With inputs from agencies.)
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