Union Govt Invites Bids For IDBI Bank Privatisation; Govt, LIC To Sell 60.72%

The union government on Friday (Oct 7) set the ball rolling for privatising IDBI Bank by issuing a preliminary information memorandum to invite expressions of interest from prospective buyers.

The last date for submission of bids or Expression of Interest (EoI) is December 16.

Currently, Life Insurance Corporation (LIC), which is the main promoter of the bank, holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake.

Of this, the government will sell 30.48 per cent and LIC will sell 30.24 per cent stake, aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank, Department of Investment and Public Asset Management (DIPAM) said while inviting bids.

Prospective investors interested in taking over the Bank have been given time till October 28, to submit any queries they have on the preliminary information memorandum issued on Friday and submit expressions of interest by December 16 this year.