The disinvestment of public sector bank IDBI Bank will be completed in the next financial year 23-24). Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management told this to Reuters. Both domestic and foreign investors have shown interest in acquiring a majority stake in the bank. The government said it has received multiple bids for majority stake in IDBI Bank. The disinvestment is expected in the coming financial year.
Both the government and the Life Insurance Corporation hold 94.71 per cent stake in IDBI Bank. In this, the share of the central government is 45.48 percent, while the share of LIC is 49.24 percent. The government had on October 7 invited bids for IDBI Bank’s expression of interest. In all, the government and Life Insurance Corporation together will sell 60.72 per cent stake in IDBI Bank.
In expectation disinvestment will be done
Tuhin Kant Pandey has said that we expect to complete the sale of I Bank by the first half of the next financial year. He said that the bidders will be vetted for fit and proper criteria of Reserve Bank of India and then the confidential data of the bank will be shared with the potential bidders. Successful bidders will have to make an open offer to acquire 5.28 per cent of the published shareholding.
