IDBI Bank Strategic Sale: October Conclusion Expected

New Delhi, Jul 10 (PTI) The strategic sale of IDBI Bank is likely to be concluded by October and the government has discussed the share purchase agreement, which will be given to bidders putting in financial bids, an official has said.

The privatisation of IDBI Bank has been in process for close to three years now.

In October 2022, the government, together with LIC, had invited EoI (Expression of Interest) from investors for privatising IDBI Bank by selling a total of 60.72 per cent stake. This includes a 30.48 per cent stake of the Government of India and 30.24 per cent of LIC.

The official stated that the due diligence process for the data room is currently underway, and the government will soon invite financial bids.


"The strategic stake sale in the IDBI Bank is likely to be concluded by October," the official said.

Pursuant to inviting EoIs in October 2022, the DIPAM, in January 2023, received multiple EoIs for IDBI Bank.

The prospective buyer of IDBI Bank has already been granted security clearance by the Ministry of Home Affairs (MHA) and cleared fit and proper evaluation by the Reserve Bank of India (RBI).

Shares of IDBI Bank were trading at Rs 99.50 apiece, down 0.40 per cent from the previous close on the BSE.