Government likely to complete strategic sale of IDBI Bank in next fiscal year: DIPAM Secretary
As per the official statement released by DIPAM Secretary Tuhin Kanta Pandey, the process of privatization of IDBI Bank is on the way and once the regulator clearance is obtained, financial bids will be invited.
The government has been actively participating in the disinvestment policy while inviting bids for strategic sales of public sector units. Similarly, IDBI Bank is expected to be privatized in the upcoming financial year. The government along with LIC has been selling almost 61 percent stake in IDBI Bank since October 2022 while inviting bids from buyers.
In January 2023, DIPAM confessed to receiving multiple Expressions of Interest [EoI] for buying a stake in IDBI Bank. LIC completed the acquisition of a 51% controlling stake in the Bank in January 2019, making it the majority shareholder.
The equity shares of the Bank are listed on BSE and NSE and as of September 2021, the union government held 45.48% shares in IDBI Bank while LIC held 49.24% and the remaining is held by non-promoters.Read Also : Coal India signs JV Agreement with BHEL
The disinvestment strategy is undertaken by the government to raise revenue potential and enhance privatization to meet with global culture and corresponding platforms Union government this fiscal year has set a target of Rs 50,000 crore for disinvestment target.Read Also : NCL exceeds 125 million tonnes of coal production
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