IDBI Bank privatization: Deadline to submit bids
IDBI Bank privatization – Sources told that the Indian government will likely extend the deadline for submitting expressions of interest for its stake sale in IDBI Bank from the previously announced December 16 to as late as mid-January.
Related Articles
In addition, the government announced last week that it would permit a group of foreign funds and investment companies to hold more than 51% of the lender. The government and LIC are looking to sell a combined 60.72% stake in IDBI Bank.
IDBI Bank privatization
According to reports, the government is overwhelmed by the attention and questions from potential buyers.
Early in 2023, according to sources, the Department of Investment and Public Asset Management (DIPAM) would likely issue a financial bid request.
There have been a few requests for deadline extensions that transaction advisors have received. The deadline would be extended since international investment bankers wouldn’t be working owing to year-end festivities, an official told PTI.
On October 7, the government issued an EoI for the IDBI Bank. Government and Life Insurance Corporation (LIC) together own 94.71% of the lender’s shares.
The DIPAM had previously stated that in order to be eligible to bid for the bank, prospective purchasers needed to have a minimum net worth of Rs 22,500 crore and net profits in three of the previous five years. Additionally, a consortium could only have a maximum of four members.
The post IDBI Bank privatization: Govt likely to extend deadline to submit bids till Jan appeared first on IndiaFrontline.
