IDBI Bank has received banking regulator RBI's nod for the 'fit & proper' criteria for privatisation, and likely bidders for the strategic sale are expected to begin the process of due diligence early August, CNBC-TV18 reported citing sources.
Shares of IDBI Bank were trading sharply off lows in trade on July 31 after the news was reported.
Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM) had told Moneycontrol a day after the Union Budget that the Reserve Bank of India’s vetting process to ascertain potential bidders for IDBI Bank is at an advanced stage.
The Centre, which owns a 45.48 percent stake, and LIC, with 49.24 percent, together plan to offload 60.7 percent of their holdings in IDBI Bank. RBI's approval is expected to pave the way for the bank’s much-awaited strategic disinvestment.
It is expected that Centre may call the financial bids for IDBI Bank's divestment before the end of the financial year.
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