IDBI Bank Privatisation, Sale News: Latest Update From Government
IDBI Bank Privatisation, Sale News: The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank.
IDBI Bank Privatisation, Sale News: The government on Wednesday extended the deadline to submit preliminary bids for the IDBI Bank privatisation till January 7. The last date for submitting an Expression of Interest (EoI) or preliminary bids was December 16. Following that transaction advisors received requests for an extension of the deadline.
The government and the Life Insurance Corporation (LIC) hold 94.71 per cent of IDBI Bank and are looking to offload 60.72 per cent in the state-owned bank. The successful bidder will have to make an open offer of acquisition of 5.28 per cent of the public shareholding.
In a notice, the Department of Investment and Public Asset Management (DIPAM) said the last date for submission of EoI is January 7, 2023, instead of December 16, 2022. Also, the last date for submission of physical copies of the EoIs has been extended to January 14, from December 23.
The government and LIC together are looking to sell 60.72 per cent of IDBI Bank and had invited bids from potential buyers in October.
Earlier, DIPAM had said that the potential buyers should have a minimum net worth of Rs 22,500 crore and must report a net profit in three out of the last five years to qualify to bid for the bank. In addition, a maximum of four members would be permitted in a consortium.
Also, the successful bidder would be required to mandatorily lock in at least 40 per cent of the equity capital for five years from the date of acquisition.
(With PTI inputs)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
lok-sabha-elections-2024-final phase-7 voting-date-last day to vote general election timings-states-seats-key-candidates-constituencies-ls-polls-general-election-schedule-time-table-results-date
From Axis to IDFC First - These bank stocks can give bumper returns in 3-4 weeks – Check target price and stop loss
Rules Changing from June 1: Aadhaar card update, driving license, LPG price and others - Check Full List
Central Railways' 63-hour mega block to hit Mumbai local train services, check dates and other details
SBI Senior Citizen FD Interest Rates 2024: What Rs 2 lakh, Rs 4 lakh, and 6 lakh, and Rs 8 lakh investments will give you in 1-, 3-, and 5-year FDs
Gold and Silver rate today (May 30, 2024): Precious metal futures trade in red; yellow metal near Rs 72,000, white metal falls by nearly Rs 1,500
03:12 PM IST