IDBI Bank sale and the last date for the legal advisors to bid
The Department of Investment and Public Asset Management on 22nd June requested offers from Merchant Bankers and law firms for management purposes and giving legal guidance for the sale procedure of IDBI Bank. The last date to put in for this purpose is July 13th.
The date for the transaction to bid for managing the sale is now extended by the Government till July 22nd. The holdings of LIC in IDBI Bank would also be sold along with the government stake. More than 94% of the equity of the Bank is owned by the Central Government and LIC together. Only 5.29% of shareholding belongs to non-promoters.
The Department of Investment and Public Asset Management’s primary work is to manage government equity. DIPAM further clarified that there would be a single transaction advisor who will manage the entire share sale process. Though the exact quantum of equity is yet to be calculated. The Finance Minister has confirmed that the IDBI Bank’s privatisation would be completed in the current year only.