Government of India invites bids for stake sale in IDBI Bank

The Government of India ("GoI") acting through Department of Investment and Public Asset Management (DIPAM), has engaged KPMG India Private Limited as the Transaction Advisor and Link legal as the Legal Advisors for providing advisory services and managing the transaction.

GoI currently holds 45.48% and Life Insurance Corporation of India ("LIC") holds 49.24% of the total equity share capital of the Bank. It has now been informed that pursuant to the strategic disinvestment of IDBI Bank (i) GoI shall sell such number of shares representing 30.48% (thirty decimal four eight percent); and (ii) LIC shall sell such number of shares representing 30.24% (thirty decimal two four percent), aggregating to 60.72% (sixty decimal seven two percent) of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank.

The details about process of transaction and other relevant details are given in the Preliminary Information Memorandum (PIM) which has been published on October 7, 2022 for inviting expression of interest (EOI) from the bidders and which can be downloaded from websites of Department of Investment and Public Asset Management (DIPAM), LIC, IDBI Bank, Transaction Advisor KPMG and DFS.

Source : Equity Bulls

Keywords

IDBIBank Divestment StakeSale GovernmentofIndia LIC