IDBI Bank trades lower as divestment gets delayed

Shares of IDBI Bank traded with a cut of over 1% in Friday’s session as the divestment plan of the lender got further delayed.

In an amendment to the Preliminary Information Memorandum for inviting Expression of Interest, the bank in a filing said on Thursday that there has been made an extension for the purpose of raising a query to November 10 from the existing date of October 28.

The initial bids submission deadline remains as December 16.


Earlier in October, the government kicked off the privatisation process of IDBI Bank and offered private as well as foreign banks a 60.72% stake in the lender together with the management control.

In accordance with the RBI bank ownership rules, large corporate houses as well as individuals will not be eligible to bid on their own or as a consortium.