Sale of 60.72 per cent stake comprises a 30.48 per cent stake of the government of India and a 30.24 per cent stake of LIC.
The government in a notification said that it is planning to sell a 60.72% majority stake in IDBI (Industrial Development Bank of India) Bank and invites expressions of interest, on Friday.
Secretary, Department of Investment and Public Asset Management in a tweet on 7 October said, “Expression of Interest is invited for Strategic Disinvestment of specified government of India (GoI) and LIC (Life Insurance Corporation) stakes in IDBI Bank along with transfer of management control. Details are at dipam.gov.in.”
State-owned LIC of India will also be reducing its holding in IDBI Bank as part of the state’s divestment process.
Sale of 60.72 per cent stake comprises a 30.48 per cent stake from the government of India and a 30.24 per cent stake from LIC. The government of India held 45.48 per cent stake in IDBI bank while LIC held 49.24 per cent at the end of June.