“There are still some pending issues that need to be discussed reserve Bank of India And Securities and Exchange Board of India, we look forward to releasing EOI Till September,” the official told PTI.
However, the official did not give details of regulatory issues that are being discussed with the government. banking and equity market regulators RBI and SEBI respectively.
“Since IDBI Bank will be the first of its kind in the banking sector with regard to privatization, we are expecting a lot of investor queries to come up at once. expression of interest (EOI) has been floated. The stake sale is unlikely to conclude in this financial year.”
cabinet committee on economic affairs In May 2021, in-principle approval was given for strategic disinvestment and transfer of management control in IDBI Bank.
At present, the government holds 45.48 per cent stake in the bank, and Life Insurance Corporation of Indiawho is currently the promoter of the bank, holds 49.24 per cent stake.
“Strategic selling is uncharted territory. There are several issues to be resolved, including open offers to new buyers, manner of formation of consortium and others,” the official said.
with the government
It will take a decision on how much stake it will sell in IDBI Bank before calling for preliminary bids, the official said, adding that it will be mentioned in the EoI.
The government has set a target of Rs 65,000 crore from disinvestment in 2022-23 (April-March), of which it has already raised Rs 24,544 crore.