Investors may get till January to submit interest papers for IDBI Bank stake

The Centre may extend the deadline for submission of early bids for IDBI stakes to January, an official said on December 9.

“We have received requests from the transaction advisor to push forward the deadline for IDBI Bank EoIs,” the official, who did not wish to be identified, told reporters.

The government had set a December 16 deadline to submit expressions of interest for the sale of a majority stake in IDBI Bank.

The government and Life Insurance Corporation of India together hold 94.71 percent in IDBI Bank and are aiming to sell 60.72 percent.

The government had clarified last week that it would allow a consortium of foreign funds and investment firms to own more than 51 of the lender.

Meanwhile, the government is “not chasing” the divestment target for the financial year ending March 31, the official said.

The target of Rs 65,000 crore will likely be met through offer for sales, the official added.

So far this fiscal year, the government has raised Rs 28,383 crore towards meeting it's divestment target. A large chunk of this has been met through the initial share sale of Life Insurance Corporation of India.

Other divestments

The Centre may get the financial bids for stake sales in state-run BEML and Shipping Corporation of India in the current financial year but these transactions may only be completed in in the next fiscal, the official said.

The early bids for stake sale of Container Corporation of India are likely to be called in January, the official added.