New Delhi: Financial bids for strategic sale of IDBI Bank are likely to be invited in the third quarter of current fiscal, DIPAM Secretary Arunish Chawla said on Friday.
Successful bidder is likely to be announced by March 2026. The privatisation of IDBI Bank has been in process for close to three years now.
The secretary in the Department of Investment and Public Asset Management (DIPAM) said the due diligence process has been completed and data room protocols have been finalised for all the qualified interested parties.
"Formal consultations have been completed with qualified interested parties. We hope to invite financial bids in the third quarter of this financial year," Chawla told reporters in New Delhi.
Once the financial bids come in and the successful bidder is selected, it will be sent to the RBI for final and comprehensive "fit and proper" clearance.
In October 2022, the government, together with LIC, had invited EoI (Expression of Interest) from investors for privatising IDBI Bank by selling a total of 60.72 percent stake. This includes a 30.48 percent stake of Government of India and 30.24 percent of LIC.
DIPAM, in January 2023, received multiple EoIs for IDBI Bank. The prospective buyers of IDBI Bank has already been granted security clearance by Ministry of Home Affairs and cleared fit and proper after evaluation by the Reserve Bank of India.
Shares of IDBI Bank closed at Rs 90.17 apiece, down 2.68 percent on BSE.
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