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Govt, LIC Intend To Off-Load Their Full Stakes In IDBI Along With Management Control: DIPAM
IDBI Bank (Pradeep Gaur/Mint via Getty Images)
In a boost for the Centre's ambitious disinvestment drive, the Department of Investment and Public Asset Management (DIPAM) confirmed yesterday (9 July) that the Government and the Life Insurance Corporation of India (LIC) both intend to sell their entire stakes in IDBI Bank along with the transfer of management control, reports The Economic Times.
DIPAM, though added that the exact stake to be sold would be determined as the Government goes through the transaction and ascertains investors' interest and market appetite, et cetera.
It should be noted that DIPAM has barred public sector banks from participating as bidders to acquire IDBI Bank in the transaction process.
The CCEA had given in-principle approval for the strategic divestment of IDBI Bank in May this year.
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