The central government is set to expedite its efforts towards the strategic sale of IDBI Bank following the launch of the initial public offering (IPO) of the Life Insurance Corporation (LIC).
By taking into account the divestment of Air India, the centre will be structuring IDBI Bankβs sale upon taking the feedback from the investors.
The government will be reaching out to other investors and start roadshows for the lender but only after LIC goes public as the legislative and compliance changes that come with the latter has entirely engaged the government officials currently.
βWe had planned to float the preliminary information memorandum of IDBI Bank in December, but the deliberations on structuring the deal with the Reserve Bank of India have taken some time,β a senior official in the know of developments was quoted in a report by the Business Standard.
Similarly, the work on privatisation of Bharat Petroleum Corporation Limited (BPCL), Shipping Corporation of India, Container Corp (Concor) and others have slowed down as LICβs listing has emerged as the top-priority so that the government can come close to meeting its disinvestment target of Rs 1.75 lakh crore for FY22.
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