IDBI Bank privatisation picks pace, govt may allow access to private data by early August: DIPAM Secy
IDBI bank moves ahead, the Divestment Secretary Tuhin Kanta Pandey on Friday declared that the Indian government will allow bidders to access private data of the bank by early August. The secretary also said the Reserve Bank of India has indicated completion of its «fit and proper» vetting of potential bidders of IDBI Bank, Reuters reported.
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The government, which owns a 45.48 per cent stake in IDBI Bank, is looking to divest 30.48 per cent. State-run Life Insurance Corporation of India, another shareholder of the bank with 49.24 per cent, plans to sell 30.24 per cent. DIPAM had last year declared that the IDBI Bank strategic sale has drawn interests from multiple players but didn’t name them.
ET had earlier reported on Tuesday that authorities are at an «advanced stage» of wrapping up the process to identify «fit and proper» buyers for a majority stake in IDBI Bank and the strategic sale of the state-run lender is expected to be concluded this fiscal.
In a post-budget interview to ET, Pandey said the government will follow a «calibrated disinvestment strategy» without any specific «big-bang target» and ensure state-run firms, whether they are disinvestment candidates or not, continue to create value for themselves.
Once the potential bidders are declared fit and proper by the Reserve Bank of India, they will be allowed to enter the virtual data room for
