Govt invites bids to sell 60.7% stake in IDBI Bank
The government will divest a 30.48 per cent stake in the lender and the Life Insurance Corp of India (LIC) will sell a 30.24 per cent stake.The Cabinet Committee of Economic Affairs had given in-principle approval for the strategic disinvestment o...
By Vidya Sreedhar, ETMarkets.com |
Agencies
The Centre on Friday invited Expression of Interest (EoI) for the privatisation of IDBI Bank and has set December 16 as the last date to submit the bids.
The government will divest a 30.48 per cent stake in the lender and the Life Insurance Corp of India (LIC) will sell a 30.24 per cent stake.
The Cabinet Committee of Economic Affairs had given in-principle approval for the strategic disinvestment of IDBI Bank in May 2021.
The government owns a 45.48 per cent stake in the public sector lender, while LIC holds a 49.24 per cent stake. LIC is currently the promoter of the bank.
The Centre aims to raise Rs 65,000 crore through divestment in 2022-23 (April-March), of which, it has raised about Rs 24,500 crore so far.
The government will divest a 30.48 per cent stake in the lender and the Life Insurance Corp of India (LIC) will sell a 30.24 per cent stake.
The Cabinet Committee of Economic Affairs had given in-principle approval for the strategic disinvestment of IDBI Bank in May 2021.
The government owns a 45.48 per cent stake in the public sector lender, while LIC holds a 49.24 per cent stake. LIC is currently the promoter of the bank.
The Centre aims to raise Rs 65,000 crore through divestment in 2022-23 (April-March), of which, it has raised about Rs 24,500 crore so far.
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