idbi bank: Govt likely to invite preliminary bids for IDBI Bank privatisation next month: Official

New Delhi: The federal government is prone to invite preliminary bids for privatising by July-end, an official stated. The Division of Funding and Public Asset Administration (DIPAM) is presently holding roadshows within the US for the sale. After just a few extra such investor meets, it is going to finalise the contours of the sale, the official added.

“We may have yet one more spherical of dialogue with RBI on

strategic sale. The expression of curiosity (EoI) could also be invited by July-end,” the official stated.

The federal government holds 45.48 per cent stake within the financial institution, whereas

owns 49.24 per cent.



The official stated whereas the quantum of stake dilution of each the federal government and LIC is but to be determined, the administration management in IDBI Financial institution shall be transferred within the strategic sale.

The Cupboard Committee on Financial Affairs had given in-principle approval for strategic disinvestment and switch of administration management in IDBI Financial institution in Might final yr.

Needed amendments to the IDBI Financial institution Act have already been made via the Finance Act 2021, and transaction advisors have been appointed.