Govt invites bids for IDBI Bank privatisation; Govt, LIC to sell 60.72 pc

NEW DELHI: The government on Friday invited bids from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake in the bank.

The last date for submission of bids or Expression of Interest (EoI) is December 16.

Currently, Life Insurance Corporation (LIC) holds 529.41 crore shares representing 49.24 per cent stake in IDBI Bank, while the government holds 488.99 crore shares or 45.48 per cent stake.

Of this, the government will sell 30.48 per cent and LIC will sell 30.24 per cent stake, aggregating to 60.72 per cent of the equity share capital of IDBI Bank, along with transfer of management control in IDBI Bank, Department of Investment and Public Asset Management (DIPAM) said while inviting bids.

Shares of IDBI Bank closed at Rs 42.70, up 0.71 per cent over previous close on the BSE. At the current market price, the 60.72 per cent stake would be valued at over Rs 27,800 crore.