Govt invites fresh bids from asset valuers of IDBI Bank

New Delhi: The Government on Wednesday issued a fresh RFP for the appointment of asset valuer for strategic sale-bound IDBI Bank.

The last date for submitting bids by asset valuer is January 5, the Department of Investment and Public Asset Management (DIPAM) said while floating the Request For Proposal (RFP).

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This is the second time that the government has invited bids from asset valuers for valuing assets of IDBI Bank before strategic disinvestment of the lender.

The DIPAM had on September 1 for the first time invited bids for appointing the asset valuer. The deadline for the appointment was October 9, which was later extended to October 30.

However, on November 21, DIPAM had cancelled the bid process since only a single bidder evinced interest.

Sources said the prospective bidders for asset valuer sought relaxation in eligibility criteria like turnover threshold as well as mandatory Insolvency and Bankruptcy Board of India (IBBI) registration for being eligible for bidding.

As per the fresh RFP, The asset valuer has to be registered either with the IBBI, or Sebi, or the Institute of Chartered Accountants of India (ICAI).

The bidder is required to have an annual turnover of over Rs 1 crore in the previous three fiscal years.

The previous RFP had sought mandatory IBBI registration for the asset class of securities and financial assets. The annual turnover threshold for putting bids was set at Rs 5 crore.

The government, along with LIC, is selling nearly 61 per cent stake in IDBI Bank and in January received multiple Expressions of Interest (EoIs) for the same.

DIPAM Secretary Tuhin Kanta Pandey had earlier this month said the IDBI Bank strategic sale transaction is "on course" but the transaction would not be completed in the current fiscal.

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