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Govt assessing interest of investors for sale of stake in IDBI Bank

The government is yet to invite expression of interest (EoI) for sale of its stake in IDBI Bank, and is gauging interest of investors through road shows, it informed the parliament today.

Published: 22nd March 2022 07:58 AM  |   Last Updated: 22nd March 2022 07:58 AM   |  A+A-

IDBI Bank

By Express News Service

NEW DELHI: The government is yet to invite expression of interest (EoI) for sale of its stake in IDBI Bank, and is gauging interest of investors through road shows, it informed the parliament today.

Answering the questions raised by Members of Parliament, minister of state for finance Bhagwat Kishanrao Karad informed the parliament that pursuant to the Cabinet Committee on Economic Affairs’ approval in May 2021 for the strategic disinvestment of the government and LIC’s shareholding in IDBI Bank, road shows are currently being held to assess the investors’ interest before floating the Expression of Interest (EoI). Finance Ministry officials had earlier said that EoI for disinvestment in IDBI would be invited in April 2022.

The government and Life Insurance Corporation together hold 94.71% with LIC acquiring controlling stake in the bank. The government has decided to go for strategic disinvestment of both government and LIC shareholding in IDBI Bank along with transfer of management control.

“It is expected that the strategic buyer will infuse funds, new technology and best management practices for optimal development of business potential and growth of IDBI Bank Ltd. and shall generate more business without dependence on LIC and government for capital,” the minister said.


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