Modi govt may finally realise Rs 29,000 cr from divestment of this bank following RBI green signal

economictimes.indiatimes.com:

IDBI Bank ahead of the Union Budget 2024 and all eyes are now on Finance Minister Nirmala Sitharaman.

The Narendra Modi government had set the ball rolling for divesting its stake in the development financial institution-turned bank in May 2021. Since then, the Centre has been waiting for the green signal from the RBI as the central bank assessed if the bidders met the fit and proper norms. These norms check if the bidders are compliant with regulations and are not under the scanner of other regulators.

The central bank has given its report on all but one bidder which happens to be a foreign participant, which did not share information and the overseas regulator too has not provided data, TOI on Thursday reported. With the current market cap nearing Rs 95,000 crore, the Centre could potentially realize around Rs 29,000 crore from the disinvestment. However, several observers have noted that the transaction terms are not very attractive.

ET Online has not been able to verify this report independently.

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The government and Life Insurance Corporation (LIC) collectively own 94.72 per cent of IDBI Bank, with LIC holding a 49.24 per cent stake and the government holding 45.48 per cent.