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IDBI Bank disinvestment: Govt. may extend dateline for submitting EoIs

IDBI Bank disinvestment: Govt. may extend dateline for submitting EoIs
The deadline for the submission of expression of interest (EoI) by interested parties for IDBI Bank is likely to be extended as the lender's transaction advisor has requested for an extension, according to finance ministry sources. The last date for expression of interest (EoI) submission is December 16.

In October, the government and the LIC decided to offload a little over 30 per cent each in IDBI Bank. They issued a preliminary information memorandum, inviting EoIs for an aggregate 60.72 per cent stake, along with management control.

Life Insurance Corporation (LIC) and the government hold 49.24 per cent and 45.48 per cent in IDBI Bank, respectively.

Finance Ministry sources said that EoI for CONCOR (Container Corporation of India) could be invited by January 2023. The disinvestment of Shipping Corporation of India (SCI) and BEML transactions is likely to close next Financial Year.

Sources in the finance ministry said that they have received in-principle approval for the disinvestment of RINL (Rashtriya Ispat Nigam). "We are going forward and working out the transaction structure."

Talking about the disinvestment target, the official said, "We are not chasing disinvestment target. The government has set its disinvestment target for this fiscal at Rs 65,000 crore."

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