The government and LIC have planned to sell the 60.72 per cent stake in IDBI.
New Delhi: The deadline for submission bids for privatization of IDBI Bank may be extended by another month. According to news agency sources, a government official said on Friday that the privatization process of the state-owned bank may be delayed till the first week of January.
The government and LIC have planned to sell the 60.72 per cent stake in IDBI. The initial bids (Expression of Interest) has been called for the purchase of those shares on October 7, the last date of which is December 16. However, there have been requests from some quarters to the Transaction Advisors to extend the deadline.
The official, who did not wish to be named, said foreign banking investors are not working due to year-end and holidays. Due to that the deadline may be extended. That could be by early January next year.
Notably, the government and LIC have 94.71 percent shares in this bank. The government has placed several conditions on the sale of shares of state-owned IDBI Bank. The Department of Investment and Public Asset Management (DIPAM) had earlier said that the assets of the successful bidder should be at least rupees 22,500 crore. Moreover, they should have a record of profit for at least three years out of the last five years.
Post a Comment