Big news: LIC to sell 100 per cent stake in IDBI Bank | LIC will sell all 100 percent stake in IDBI bank
IDBI Bank | According to the latest information, LIC will sell its entire 100 per cent stake in IDBI Bank. LIC will also have no control over the management of the bank.
Mumbai: To raise capital, the Modi government will privatize some state-owned banks in the country. IDBI Bank ranks first in this. The Center has initiated the IDBI disinvestment process. The proposal was approved by the Union Cabinet last month. Accordingly, the stake in IDBI Bank will be sold by the Central Government and LI. (LIC will sell all stakeholders in IDBI bank)
According to the latest information, LIC will sell its entire 100 per cent stake in IDBI Bank. LIC will also have no control over the management of the bank. The central government has set a target of raising Rs 1.75 lakh crore through disinvestment in the current financial year.
The Central Government has invited proposals to appoint legal and practical advisors for the disinvestment process in IDBI Bank. The Central Government is now seeking legal and practical advice to carry out this whole process properly. So that no rules will be violated in this transaction. For this, the central government has given a deadline of July 13 to submit its proposal to the concerned.
How was IDBI Bank established?
The Government passed the Industrial Development Bank of India Act, 1964 to create IDBI Bank from DFI. Under this, DFI was transformed into IDBI Bank on July 1, 1964. Under the Companies Act, 1956, IDBI Bank was declared a public financial institution by the government.
IDBI Bank continued to function as a financial institution till 2004. But in 2004 it was completely transformed into a bank. IDBI has been given the status of a bank to boost business in the country. The Industrial Development Bank (Transfer of Undertaking and Real) Act 2003 was introduced and the IDBI Act 1964 was repealed and it was converted from a financial institution to a bank.
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(LIC will sell all stakeholders in IDBI bank)
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