The Indian government is confident of completing the stake sale in IDBI Bank before the end of the current financial year, according to Financial Services Secretary M. Nagaraju. Speaking on the sidelines of the Global Fintech Fest in Mumbai, Nagaraju also confirmed that the government is on track to carry out divestments in other state-run banks through offer-for-sale mechanisms within the same timeframe.
He reiterated the government’s commitment, saying the sale process is progressing as planned and will be completed before the fiscal year ends.
Earlier, the government had stated that due diligence for the IDBI Bank stake sale had been completed, and it intends to invite financial bids between October and December.
Currently, the government holds a 45.48% stake in IDBI Bank, while state-owned Life Insurance Corporation of India owns 49.24%. Together, they plan to sell a 60.7% stake in the lender. The disinvestment process was first announced in 2022.
According to previous reports by The Economic Times, potential buyers include Emirates NBD and Canadian billionaire Prem Watsa.
In addition to IDBI Bank, the government also plans to offload up to 20% of its stake in five public sector banks over the next four years. This move aims to comply with the Securities and Exchange Board of India’s requirement that listed companies maintain a minimum public shareholding of 25%.
The five banks targeted for phased disinvestment are Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab and Sind Bank. In each of these institutions, the government plans to gradually reduce its stake to below 75%.
He reiterated the government’s commitment, saying the sale process is progressing as planned and will be completed before the fiscal year ends.
Earlier, the government had stated that due diligence for the IDBI Bank stake sale had been completed, and it intends to invite financial bids between October and December.
Currently, the government holds a 45.48% stake in IDBI Bank, while state-owned Life Insurance Corporation of India owns 49.24%. Together, they plan to sell a 60.7% stake in the lender. The disinvestment process was first announced in 2022.
According to previous reports by The Economic Times, potential buyers include Emirates NBD and Canadian billionaire Prem Watsa.
In addition to IDBI Bank, the government also plans to offload up to 20% of its stake in five public sector banks over the next four years. This move aims to comply with the Securities and Exchange Board of India’s requirement that listed companies maintain a minimum public shareholding of 25%.
The five banks targeted for phased disinvestment are Bank of Maharashtra, Indian Overseas Bank, UCO Bank, Central Bank of India, and Punjab and Sind Bank. In each of these institutions, the government plans to gradually reduce its stake to below 75%.
You may also like
Skechers 'waterproof' ankle boots are now under £45 in Amazon Prime Day deal
Afghanistan vs Bangladesh, 1st ODI- Who will win today AFG vs BAN match?
Intangles Raises $30 Mn In Series B To Take Its Predictive AI System Global
“Few understand”: Tech CEO with $11M says he can't afford a vacation
Global Startup Summit In Coimbatore To Spotlight Tamil Nadu's Startup Momentum
