Bank Privatisation: The central government has set a target to complete the IDBI transaction by the first half of the next financial year. Meanwhile, today on Tuesday, the stock fell more than 2% to an intraday low of Rs 71.54.
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IDBI Bank Privatisation: A big news is coming about IDBI Bank. The bank may be privatised by the end of this month. According to a media report, the process of disinvestment of IDBI Bank will be completed in March. According to the report, the central government has set a target of completing the IDBI transaction by the first half of the next financial year. Meanwhile, today on Tuesday, it fell by more than 2% to an intraday low of Rs 71.54.
What is the detail
A report by CNBC TC18 quoted government officials as saying that the process of disinvestment of IDBI Bank will be completed in March. Officials said that the central government has set a target of completing the IDBI transaction by the first half of the next financial year. He also said that the Center is planning to invite financial bids soon. At the same time, another report by Business Today TV said that the Center has removed all the concerns related to the data room in the process of disinvestment of IDBI Bank. This has cleared the way for the next phase of the transaction. A senior government official told the news channel, “The process of privatization of IDBI Bank is progressing smoothly. All issues related to the data room have been resolved and financial bids will be invited soon.”
Government to hold 30.48% and LIC to hold 30.24%
While the exact timeline for privatisation is yet to be confirmed, the government has reiterated that the process is progressing as per plan. The stake sale, which involves 30.48% by the government and 30.24% by Life Insurance Corporation (LIC), will also include transfer of management control. As per the approved strategy, the DIPAM secretary said LIC will sell its stake in IDBI Bank as part of the privatisation plan.
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