Bank Privatisation: The government is selling the bank.. Preparations in full swing.. Full details..!

Bank Privatisation: The privatization of public sector IDBI Bank will be completed in the next financial year. It was supposed to be completed in the financial year 2022-23 itself, but it has been slightly delayed. This has been postponed to the financial year 2023-24. This public sector bank will be privatized between April 2023 and March 2024. Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey disclosed this on Monday. It is known that the shares held by LIC, including the government, in IDBI Bank have been put up for sale. The Center once invited preliminary bids for these too. Bids have been filed but the names have not been revealed so far.

Tuhin Pandey clarified that the details of the bidders filed for IDBI Bank will not be revealed now. Besides giving access to the next virtual data room.. said to solve the queries. As of now preliminary filing.. it has to be approved. After that financial bids have to be filed. From this the Center will select. After the financial bids are submitted, the reserve price is fixed.

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The Centre, LIC together has currently put up around 60.72 per cent stake in IDBI Bank for sale. It invited potential buyers to bid in October itself. December 16 has been fixed as the last date for submission of bids. Later it was extended till January 7.

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However, the central government and LIC together have a 94.71 percent stake in IDBI Bank. The successful bidder will have the option of opting for an open offer of 5.28 per cent of the public shareholding. However, the minimum net worth of the bidders for the purchase of stake in this government bank has been set at Rs 22,500 crore. It also said that it should be profitable for three years out of the five years that have passed. Bidders will be accepted as per these rules. Allows for filing of subsequent financial bids.

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