IDBI Bank Stake Sale: Govt Hopes To Invite Financial Bids By December Quarter
The government will complete the selection of successful bidder for IDBI Bank stake sale by FY26-end, the DIPAM Secretary said.
Government hopes to invite bids for IDBI Bank stake sale by the third quarter of this fiscal, DIPAM Secretary Arunish Chawla said on Friday.
Chawla said that due diligence has been completed, along with the data room process, for all potential bidders. The formal consultation has been completed with the qualified parties, he added.
The official also noted that the government will complete the selection of the successful bidder by the end of the current fiscal.
The share purchase agreement — which outlines the sale terms — had been cleared by an inter-ministerial group, people in the know had told NDTV Profit in June.
Three bidders remain in the race for the bank. The earlier delay, according to sources, was due to SPA clarifications, which have now been resolved.
A confidential reserve price will be set for the transaction. The Centre expects to raise Rs 40,000–Rs 50,000 crore from the sale. It presently holds 45.48% stake in the lender.
The DIPAM secretary also mentioned that the government has completed the process for appointment for merchant banker and legal advisor for public financial institutions for three years and expandable to five years for LIC OFS.
Chawla, while speaking on capital review of public enterprises, said that it is being undertaken to ensure that they meet their target and continue to energise the economy. He also added that PSU now account for 15% of the market cap and they will continue their performance milestone and their capex programme to sustain their growth momentum.
