Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (
"The transaction continues to be on track as per the defined process in the post-EoI stage following receipts of multiple EoIs," DIPAM secretary Tuhin Kanta Pandey tweeted.
The government and the
DIPAM, which manages government holding in state-owned enterprises, in October last year invited EoIs for selling a 30.48 per cent stake in IDBI Bank, along with LIC's 30.24 per cent stake in the bank.
The government and LIC together hold a 94.72 per cent stake in IDBI Bank, which will come down to 34 per cent after the strategic sale.
Currently, the government and the
The investors who have put in EoI have already submitted the required information to secure fit and proper security clearance.
Officials expect the transaction to get over in the second half of the next fiscal beginning April 2023.
Pursuant to the transaction, the government will own a 15 per cent stake and LIC 19 per cent in IDBI Bank, taking their total holding to 34 per cent.
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