government and LIC Together they want to sell 60.72 per cent stake in IDBI Bank. Bidders were asked to submit preliminary bids by 16 December.
Thereafter, Transaction Advisors received requests for extension of time limit.
In a notice, the Department of Investment and Public Asset Management (deepam) said that the last date for submission of EOI is January 7, 2023 instead of December 16, 2022. Also, the last date for submission of physical copies of EOI has been extended from 23rd December to 14th January.
government and life insurance corporation (LIC) holds 94.71 per cent stake in IDBI Bank And are looking to sell 60.72 per cent in the state-owned bank. The successful bidder will have to make an open offer to acquire 5.28 per cent of the public shareholding.
Earlier, DIPAM had said that potential buyers should have a minimum amount of Rs. net worth 22,500 crore and the bank must have reported a net profit in three out of the last five years to qualify to bid for it. Also, a maximum of four members will be allowed in a consortium.
Also, the successful bidder will have to compulsorily lock in at least 40 per cent of the equity capital for five years from the date of acquisition.
Shares of IDBI Bank were trading at Rs 57.15, down 1.64 per cent over its previous close on the BSE.
(With inputs from PTI)