Govt Receives Multiple Bids For Majority Stake in IDBI Bank; Stake Sale Moves To 2nd Stage
1 year, 11 months ago

Govt Receives Multiple Bids For Majority Stake in IDBI Bank; Stake Sale Moves To 2nd Stage

News 18  

DIPAM Secretary Tuhin Kanta Pandey on Saturday said the government has received multiple bids for a majority stake in IDBI Bank. The government currently owns a 45.48 per cent stake in IDBI Bank, while LIC owns 49.24 per cent controlling stake in the lender. Recently, the markets regulator Sebi allowed the government’s shareholding in IDBI Bank to be reclassified as “public” after its stake sale on condition that its voting rights do not exceed 15 per cent. Reclassification of the government’s remaining 15 per cent shareholding in IDBI as “public” will make the task of meeting the mandated 25 per cent minimum public shareholding norm simpler for the new buyer.

History of this topic

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