Govt advances disinvestment process for IDBI Bank, due diligence to begin in November: Report

economictimes.indiatimes.com:

disinvestment of IDBI Bank, reported by ET NOW, citing official sources. The due diligence process for prospective bidders is set to commence in November, with financial bids for the bank’s strategic sale likely to be submitted in the fourth quarter of FY25.

Interested bidders are expected to gain access to IDBI Bank’s data room within the next 15 days. These bidders have already obtained security clearance from the Home Ministry, and the finalization of the draft Share Purchase Agreement will begin shortly, according to the ET NOW report.

Additionally, regulators will allow a reasonable timeframe to ensure compliance with Reserve Bank of India (RBI) norms, which mandate that the promoter holds only a single bank license. IDBI Bank has also received ‘fit and proper’ approval from the RBI, a critical step in the sale process.

The government had previously received multiple Expressions of Interest (EOI) for a total 60.72% stake in IDBI Bank.