The Department of Investment and Public Asset Management (DIPAM) said the stake sale in the bank has moved beyond the expression of interest (EoI) stage.
New Delhi:
The Central Government said that the process of disinvestment of IDBI Bank is going on as per the prescribed strategic sale process. He also dismissed the media reports that it was being said that the disinvestment of IDBI could be postponed. The Department of Investment and Public Asset Management (DIPAM) said the stake sale in the bank has moved beyond the expression of interest (EoI) stage.
DIPAM Secretary Tuhin Kant Pandey tweeted, “After receiving various EOIs, the transaction is now progressing as per the laid down process.”
The government had received several initial rounds of bids in January for the strategic sale of about 61 per cent stake held by it and LIC in IDBI Bank.
Bids were invited from potential buyers in October last for the sale of a total of 60.72 per cent stake, including 30.48 per cent government and LIC’s 30.24 per cent stake in IDBI Bank. At present, both the government and LIC together hold 94.72 percent stake in this bank.