Monday, December 6, 2021

Govt seeks bids to appoint Transaction Advisor and Legal Advisor in strategic divestment and transfer of management control in IDBI Bank

The government has sought bids to appoint transaction advisor and legal advisor in the strategic divestment and transfer of management control in IDBI Bank. The appointment of intermediaries would help in taking the privatisation process of the lender forward as the government aims to close the transaction in this fiscal. The government currently owns 45.48 per cent equity in IDBI Bank while Life Insurance Corporation has 49.24 per cent stake and remaining 5.29 equity is held by public shareholders.

Last month, the Cabinet Committee on Economic Affairs (CCEA) had approved strategic divestment in IDBI Bank, with the condition that extent of shareholding to be offloaded by the government and LIC would be decided at the time of structuring of transaction, in consultation with RBI.

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