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IDBI Bank shares up 9% as govt initiates disinvestment process

by BL Mumbai Bureau
October 10, 2022
in Business
Reading Time: 3 mins read
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IDBI Bank shares closed about 9 per cent higher at ₹46.55 on the BSE on Monday after the government initiated the process of selling over 30 per cent of its stake in the bank by inviting expression of interest (EoI).

Intraday, IDBI Bank’s shares had touched a high and a low of ₹47.40 and ₹45.30, respectively. Along with the government, IDBI Bank’s present promoter, Life Insurance Corporation of India (LIC), too, will sell over 30 per cent of stake.

According to the Preliminary Information Memorandum (PIM), issued by the Department of Investment & Public Asset Management (DIPAM), the Central government will sell 30.48 per cent and LIC will sell 30.24 per cent “aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank”.

As on March 31, 2022, LIC held 49.24 per cent stake, while the Centre held 45.48 per cent in IDBI Bank.

A private sector bank, a foreign bank, an NBFC an Alternative Investment Fund (AIF) or a fund/investment vehicle incorporated outside India can bid for the bank either solely or in consortium, according to the PIM. Maximum number of participants in the consortium can be four.

The bidder should have a minimum networth of ₹22,500 crore or $2.85 billion. It must have reported net profit in at least three out of the last five financial years. EoIs can be submitted till December 23.

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Published on October 10, 2022





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